Easter Monday
April 21, 2025
***************
–News this morning: Pope Francis has died. Gold is making new all-time highs as the dollar slides to a new low. DXY current 98.10 (low in Jan 2021 89.21). Curve is making new recent highs with 2/10 now 59.5 (I marked at 53.3 on Thursday’s futures settle; high in Jan 2021 was 158), and 5/30 now 93 (marked at 87.1 on Thusday; high in Feb 2021 was 163). GCM5 now above 3400, last at 3405, up ~ $77/oz.
–Thursday featured a sharp steepener with the 2y +3.2 bps to 3.935%, and 30’s up 6.1 bps to 4.806%. Current 30y 4.846%, so up 4 bps. This morning’s price action being attributed to Trump’s attacks on Powell. Equities slipping with ESM5 5257.00, -56.75. I saw a fair amount of commentary over the weekend suggesting stocks are unlikely to test recent lows. Perhaps a bit too complacent.
–Interesting link:
https://www.visualcapitalist.com/americas-19-trillion-consumer-economy-in-one-chart/
