Holding the defensive book through this morning's Personal Consumption Expenditures (PCE) print and a broken Bitcoin cycle line. Headline PCE landed at 3.8% year-over-year, core at 3.3%.
Kevin Warsh started as Fed Chair Friday. His first Federal Open Market Committee meeting is June 16-17. The 10-year Treasury yield closed Monday at 4.61%, the highest in a year.
April Consumer Price Index came in at 3.8% year-over-year, the hottest annual print since May 2023. Energy did 40% of the monthly damage.
Iran hit UAE oil sites over the weekend. First strikes on the United Arab Emirates since the April 8 ceasefire.
Holding the book this week. No buys, no trims. Iran reclosed the Strait of Hormuz over the weekend and Brent crude is back above $107. The Federal Reserve meets April 28 and 29.
Buying gold, US stocks, and short-term Treasury bills this week, with a defensive cash weight. Prices rose 3.3% in the past year. The Federal Reserve paused anyway.
