The macro picture of the last two weeks is that of abating US inflation (UK and EU inflation is still hot) where headline inflation in April rose 4.9%, down from +5.0% the month prior.
OTC Trading Commentary May 12, 2023
Limited access to fiat rails, in conjunction with increased regulatory scrutiny and tax considerations, continue to pose a challenging environment for many crypto institutions.
OTC Trading Commentary Apr 21, 2023
Stocks have recovered and yields have bounced from the lows that accompanied the heavier Fed rate cut expectations, while bitcoin and gold have lost their recent highs of $31k and $2,000.
Trading Commentary Mar 30, 2023
There is growing perception that the unrealized losses in bank held-to-maturity securities portfolios (which sparked runs on Silicon Valley Bank and others) will stop the Federal Reserve from raising rates in the future to fight inflation.
Trading Commentary Mar 3, 2023
The past couple of weeks have seen a sharp reversal of post-FOMC exuberance. US CPI data for January came stronger than expected, as did the PPI, and then Wednesday the ISM print added to inflation worries.
Trading Commentary Feb 10, 2023
The long-awaited FOMC meeting finally arrived last week, where the Fed hiked rates by a reduced 25 bps and provided commentary that was interpreted by markets as dovish.
Trading Commentary Jan 27, 2023
Crypto markets performed extremely well with BTC up 30% and ETH up 20%, though there were no clear smoking guns as to the exact cause.
Trading Commentary Jan 11, 2023
The markets were quiet over the holidays, with the exception of the recent DXY sell-off that some attributed to a reversal of year-end window dressing.
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