Good morning. Yesterday morning it was reported that Donald Trump met congressional Republicans to discuss firing Federal Reserve chair Jay Powell. Markets freaked. In less than an hour, 2-year Treasury yields fell 6 basis points, the S&P 500 fell 0.8 per cent and the dollar dropped. The president then denied the whole thing and markets recovered. We’re not sure what game the president is playing. While he denies plans to sack Powell, there was reportedly a draft letter firing Powell, and rumours are circulating that a replacement has been selected. Email us: [email protected].
The bitcoin rally
Bitcoin has had a nice rally in the past month or so, moving from $100,000 to $120,000:
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