Morning Note: The Lure Of Easy Money

US equity futures look to be giving up overnight gains as Fed Chair Powell tells the Peterson Institute that essentially times are tough; really tough.

Of course that’s not a message other economically-sensitive asset classes (read gold, bonds, currencies, industrial metals, oil, etc.) needed to hear before discounting present economic reality accordingly.

As for stocks, they’re liquid, easy to trade and one needs zero knowledge of economics, fundamental or technical analysis, let alone an understanding of capital flows, currency risks and so on. All one needs is a few bucks and a cell phone to have at it. And few things are more stimulating for some (for many) than the lure of “easy money”. My point? Such an easy-to-access asset class — particularly at the end of its longest-ever positive run — is likely to be the last in line to properly reflect underlying real-world reality.

Read last night’s post for more on the lure of easy money…

No ambiguity this morning in European equities, they’re getting hammered across the board. Asia was mixed overnight as markets there grapple with COVID-spikes as they attempt their respective “reopenings” and with the prospects for further fiscal and monetary policy measures…

Gold continues to rally, as does silver, this morning. Copper futures are actually up a smidge, while other metals are taking a hit. Treasuries are trading higher (yields lower).


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