From Marc to Market:
The markets seem nervous. The dollar is higher against all the G10 currencies and most emerging market currencies. June WTI, which was at $82.60 on April 17, is now pushing against $100. July Brent, which was at $86.50, is now approaching $105. Both are up for the sixth session of the past seven. Equities and bonds are mostly lower. Gold and silver are offering no haven today and are at 2–3-week lows.
The bevy of this week’s central bank meets began with the Bank of Japan. Initially the 6-3 vote to keep rates steady seemed a bit hawkish but Governor Ueda failed to deliver an unambiguously hawkish message and the yen reversed lower. The market has not given up on the JPY160 level. Tomorrow, the Bank of Canada, and the Federal Reserve meeting. And arguably more momentous, Kevin Warsh will likely be confirmed as the next Fed chair, ushering in a new era after the Bernanke-Yellen-Powell continuity....
....MUCH MORE
