Today, a look at the market's concern that this Fed isn't determined to get ahead of inflation and the impact on US treasury yields, which spooked market sentiment broadly in the US yesterday. Elsewhere, Microsoft's strong earnings report after the close is doing what it can to stabilize risk sentiment, even as the market soured further on Meta on its earnings call. Today and tomorrow feel high stakes with the negative shift in sentiment after the important FOMC pivot point, and Apple and Amazon are reporting after the close today. This and more on today's pod, which was hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Links

WSJ Fed reporter (no longer whisperer?) Nick Timiraos with a good quick take on the contradictory messages and takeaways from this FOMC meeting.
Are the memory prices just too darn high? FTAlphaville takes a look.
ArsTechnica reports that Anthropic's Mythos is finding bugs faster than Microsoft can fix them.
Mike Green with a forensic investigation of the pump in semiconductor stocks in Q2 and to what degree leveraged ETFs were to blame (Behind paywall, but can be read for free as a one-off).

About twice per week (in normal times, hopefully soon to resume), you will find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack.

Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here.

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Wishy washy Fed Chair Warsh vibe punches sentiment in the gut

Saxo Market Call

Wishy washy Fed Chair Warsh vibe punches sentiment in the gut