The 'Greenspan Put' Also Meets Its Maker

When SpaceX bonds are rated investment-grade, you know we are in a new era (one of insanity).

Key Takeaways

• Dollar Up, Gold and Oil Down: There is very little recovery today in global equity markets. Bonds have a mild bid despite the fact that Bank of America economists just called for three Fed rate hikes this year. The DXY dollar index has firmed again and is showing vivid breakout signs — and with that, gold has slipped -0.9% to below $4,100 per ounce. Brent crude has retreated below $76 per barrel for the first time since the day before the U.S.-Iran war started, as tanker traffic through the Strait of Hormuz has become more visible — even as Iran makes a move to assert its control over the waterway, including “service” fees, which are tolls by any other name.