The Sunday Night Open Did the Job the Cable Channels Could Not Do Through the Weekend — A Six-Point-Seven-Percent Gap-Down in West Texas Intermediate, an Eight-Basis-Point Gift to the Long End of the Treasury Curve, and a Federal Reserve Chairman Who Now Walks Into His First Dot-Plot With a Cleaner Set of Variables Than the One He Faced on Friday
A Monday morning note on the verified Sunday-night repricing of the energy complex under the Islamabad Agreement, the 14-basis-point overnight collapse in the 10-year breakeven inflation rate, the September-cut probability that bounced overnight on Polymarket, what the Empire State Manufacturing Survey at 8:30 AM and the NAHB Housing Market Index at 10:00 AM will tell the buy-side about June activity, and what the historical record says happens to an equity multiple when a wholesale-inflation surge unwinds in the same forty-eight hours a new Federal Reserve Chairman is putting the final touches on his Summary of Economic Projections.
