Link to slide deck: https://bit.ly/3UIHxZG   -

Today we discuss the market in a holding pattern, which is actually quite impressive given the further sharp advance in US treasury yields, in part on strong US data, including a whiplash turnaround in the April Empire Manufacturing survey. Is this a sign that the industrial policy initiatives the US has announced over the last few quarters are finally working their way into the numbers? Elsewhere, we note a seminal speech from ECB President Lagarde before a US think tank, in which she riffed on the "fragmenting" world and policy imperatives, including the aims of fiscal policy, CB interdependence and more. We will follow up in coming days on the importance of this speech. Elsewhere, we consider stocks to watch this earnings season, the latest on gold and wheat & more. Today's pod features Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on FX.

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Intro and outro music by AShamaluevMusic