Today, a rundown of key commodity markets as oil markets remain tame and refined products are the bigger pinch point, gold and silver seem ready to rally anew if Fed Chair Warsh fails to roll out a hawkish stance in his speech today, and grain and soft prices are likely set to record their strongest month in years. Elsewhere, the stock market is putting on a show of strength on the surface as everyone hopes, bond traders included, that Fed Chair Warsh is set to give the markets some clarity on his stance on policy today. Can it be so lucky? Today's pod features Saxo Head of Commodity Strategy Ole Hansen and Saxo Global Head of Macro Strategy John J. Hardy.

Links

Reminiscences of a Shrub Operator put out a priceless piece picking apart the absurdities and dangers of the current market environment - a must read for both content and the high entertainment value.
The FT's Robin Wigglesworth with a NY Times op-ed on how the AI debt binge could sink the economy.
Friend of the show Peter Garnry out with a piece on LinkedIn warning to be careful about celebrating the idea of "asset light" companies and what to focus on instead.
One of the FT's most read pieces today is how junior consultants are being called back into the office to practice their human skills, which are becoming more valuable in the age of AI. The irony!

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Can Fed Chair Warsh give the market what it wants?

Saxo Market Call

Can Fed Chair Warsh give the market what it wants?