S&P 500 consolidated on yet another day of slowly rising rate cut odds, and the buying interest in all things bonds is still there, with ECB rate cutting excuse now. After SNB and Riksbank, the pressure is on BoE and ultimately the Fed, with today‘s non-farm payrolls likely to come on the weak side (that includes both the actual figure that I see between 140-150K, and revisions).

That leaves up to market interpretation whether the upcoming rate cuts are to be celebrated stronger than impact on corporate profitability and recessionary (stagflationary) fears. Was though good enough to capture great intraday gains Wednesday and Thursday.

Plenty of live coverage on Telegram and Twitter is coming – let this bond market chart be your first guide, except for precious metals as talked further.

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Crude Oil

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Crude oil daily resilience is supportive of springboard forming in real assets, and it highlights prior overall resilience in commodities. Of course the daily volume is weak just as in precious metals, but that‘s reflection of NFPs uncertainty and fears of really very bad (low) number.

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