PPI called, so what’s holding the key now

S&P 500 made a failed push to new ATHs, and got there rejected. Interesting intraday development that clients were ready for, in gains protection mode. As Bessent up to 50bp cut call with reasoning is being digested, yields on both ends take good note, as much as the dollar does. With CPI behind us, and PPI dead ahead, what does the sectoral view, positioning in currencies and precious metals signify? As I said already and will cast way more light on for clients, we‘ve seen an interesting intraday development in indices yesterday.

PS. PPI figure as such didn‘t surprise me, and neither did the equities, gold, oil or dollar reactions.