Ugly Data & Oil Shock: Stagflation Threat Sparks Bond & Gold Gains; Banks & The Buck Dumped

OPEC+ pissed in Powell’s victory-lap-over-inflation punchbowl overnight, jolting stocks lower. Ugly Manufacturing ISM data early on sparked the ubiquitous ‘bbrrrrrr’ trade with gold and stocks bid, dollar and bond yields tumbling. The St.Louis Fed’s Jim Bullard raised the specter of OPEC+’s production cut making The Fed’s job harder (i.e. forcing them to be more hawkish […] Source