“They’re getting ready for war.”

...Retail's back, baby!

Cooler-than-expected US core PPI, headline in line; US retail sales fall short; BBG reports Hassett seen as frontrunner in Trump Fed Chair search; Weekly ADP prints negative; Richmond Fed declines in November; US pending home sales top expectations; Weak US 5yr note auction; Ukraine reportedly agrees to 19-point peace deal, Russia likely to reject; META is considering using Google’s TPUs in its data centres in 2027

" ...strong winds cause blizzard-like conditions." 

White House signaling there's still chance of diplomatic solution...

Gold loves rising Japanese rates. This remains a massive driver of the shiny metal, despite few talking about it on a daily basis.

"Ironically, the one thing that might come out of the whole crypto bubble is tokenized gold... "

Prediction platform Polymarket has received regulatory approval from the US Commodity Futures Trading Commission to operate an intermediated trading platform.

In a Tuesday notice, Polymarket said the CFTC issued an Amended Order of Designation, which will allow the company to “operate an intermediated trading platform subject to the full set of requirements applicable to federally regulated US exchanges.”

"I don’t buy Campbell’s products barely anymore. It’s not healthy..."

The TPU squeeze.

 "They're seeing lower- to middle-income consumers decrease their spending across general merchandise."

 

...the genesis of this risk-off move started with the change in Fed narrative.

It was another mediocre auction although with yields sliding across the curve after the Hassett report (which may or may not be a trial balloon), it appears that nobody noticed

"We maintain our view that supply delays will be required by 2027 to rebalance the market." 

We can all feel it...

"Hassett is seen as someone who would bring the president’s approach to interest rate cutting to the Fed, which Trump has long wanted to control."

The trading environment remains very fluid... retail enthusiasm for stocks peaked at the last FOMC...

Not that we don’t have things to focus on in the current iteration of the global architecture.