The Consumer Price Index (CPI) rose in June, roughly in line with expectations. Core inflation came in slightly lower than expected. Meanwhile several big banks have reported earnings this morning showing the tariff-induced volatility drove trading revenue higher while net interest income disappointed.

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Silver has broken $39 per ounce and Bitcoin broke above $123K last night as the rally in both assets continues. Meanwhile President Trump announced new tariffs on Mexico and the EU on Saturday which the market has largely ignored, continuing to position for the "TACO" trade.

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Front month silver contracts broke above $38 last night and Bitcoin rallied to a new all time high above $118,000. What on earth is happening?

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The Pentagon announced this morning a $400M investment in MP Materials, the United States only producer of rare earth magnets. Rare Earths have been a major point of contention in the trade war between the US and China and they are a critical commodity for the US Military. Elsewhere, President Trump surprised the market yesterday when he slapped 50% tariffs on Brazil, a country the US has a trade surplus with.

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US Copper Futures spiked yesterday when President Trump announced his plan to implement 50% tariffs on Copper imported into the United States. At the same time Copper prices in London were sent lower as traders attempting to front-run the tariffs sent metal draining into the US. Elsewhere spending in early hours of Amazon Prime Day were down substantially vs last year as struggling consumers and tariff-struck sellers showed little enthusiasm for the annual sale.Support the Channel on Patreon: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.patreon.com/NobodySpecialFinance⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

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Long term treasuries and bonds are selling off in the US, UK, and Japan this morning as investors worry about an expected surge of new-issuance. In other words run away government spending and borrowing is starting to wreak havoc in bond markets. Elsewhere President Trumps tariff salvo was fired yesterday when letters went out to trading partners detailing tariff rates that resembled "Liberation Day" numbers with a further 3 week extension.

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President Trump has threatened to implement a new, additional tariff on countries aligning themselves with "anti-American BRICS policies." This news comes as letters are supposedly going out starting a noon today informing countries of what their tariff rates will be effective August 1st. Elsewhere, Elon Musk has launched "The America Party" following the passage of the Big Beautiful Bill, which he was highly critical of. As with most of Musk's recent forays into politics, Tesla shares are paying the price.

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The US economy added 147K jobs in the month of June, considerably more than analysts were expecting. With an unemployment rate ticking down slightly, expectations for monetary policy are now shifting suddenly.

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The ADP private payrolls number surprised this morning with a loss of 33 thousand jobs when the market was expecting a gain of 100K. This has traders worried about tomorrow's more important Non-Farm Payrolls number. Elsewhere borrowing costs in the UK have suddenly spiked in a manner eerily reminiscent of the Gilt Crisis in 2022 that resulted in Prime Minister Liz Truss resigning.

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US auto sales hit their lowest level in 12 months as the surge of buying driven by fears of auto tariffs gave way to a general lack of affordability according to JD Power. This news is accompanied by several adjacent headlines this morning showing stress in the auto industry and even a renewed feud between Elon Musk and President Trump taking a chunk out of Tesla shares premarket.

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