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FWIW, FOMC Minutes used to be released after the next FOMC Meeting - that's the better time. Releasing them between the most recent and the next meeting mostly creates noise. They represent stale information, yet gather undue market interest. x.com/AxelMerk/statu…

FOMC Minutes: "many participants noted the possibility that inflation might be more persistently elevated...Participants judged that their inflation outlooks were highly uncertain and that inflation risks were skewed to the upside."..."Participants generally expected solid real

Why is gold reacting so strongly to Treasury's announcement to increase bond buybacks? Because it shows Treasury might do more as the underlying drivers for higher yields are not addressed.

Kospi down 6.8% overnight.
Nikkei down 3.2% overnight.
Gold up 3.5% today as of this writing.

There's nothing to see here, move on. 🤷‍♂️

Treasury: we care about bond yields
Q: so you're going to get the fiscal house in order?
Treasury: nah', we'll buy a few bonds.

Fed: we will do less of what could be perceived as political.
Treasury: we will do more of what could be perceived as political.

Market: 🤷‍♂️

You gotta love competition: Singapore is eliminating taxes for asset managers, including on carried interest. Hong Kong had triggered this race. Context: the flight of talent out of Hong Kong into Singapore has halted and started to reverse.
ft.com/content/6b62e9…