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Today we look at the market closing last week on a slight dip after the prior furious run higher. One issue that has failed to trigger any market turmoil of late has been the US Treasury rebuilding its reserves, possibly as liquidity "stored" in the Fed's repo facility may provide some offset, at least for now. Elsewhere, we take a look at the rapid repositioning unfolding in the grains market on supply concerns in part driven by El Nino, copper and crude oil, EU versus US real rates, a preview of the Bank of England meeting this week and more. Today's pod features Althea Spinozzi on fixed income, Ole Hansen on commodities and John J. Hardy hosting and on FX.

Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here.

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Intro and outro music by AShamaluevMusic