United States: The debt ceiling “can” has been kicked down the road (into December).
Yields on shorter-term T-bills declined, while December bills sold off. Stocks rebounded.
United Kingdom: The market expects two BoE rate hikes by next May, …
… as inflation expectations spike (driven by an unprecedented surge in energy prices).
Energy: Henry Hub natural gas implied volatility hit a record high.
Equities: Dividend growers tend to outperform high-yield bonds during times of stress.
Global Developments: Dry bulk shipping costs continue to surge, with the largest ships (Capesize) seeing massive demand.
Food for Thought: US pandemic response vs. other advanced economies (% of GDP):
Edited by Daniel Moskovits
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