How big were those yen shorts on the CME?/Interesting earnings comments

This is just one measure to see how the yen short position unwound, from the CFTC for the week ended Tuesday. Net shorts fell by about half to 77.5k contracts on the week but had been falling in the 3 weeks prior as traders approached the late July BoJ meeting and lightened up a bit on the possibility of a rate hike and QE cut. You can see that shorts a few weeks ago got to the highest level since 2007.

Non-Commercial (speculative traders) shorts

Fed Governor Michelle Bowman remains the staunch hawk on the committee. She said Saturday "The progress in lowering inflation during May and June is a welcome development, but inflation is still uncomfortably above the committee's 2% goal. I will remain cautious in my approach to considering adjustments to the current stance of policy."

Maybe she believes the CPI is a better gauge of inflation than PCE where CPI is expected to come in on Wednesday up 3% y/o/y and with a core rate of 3.2% vs the PCE that has a 2 handle for reasons stated many times here. 

With a higher income customer, and houses and members around the world, the club membership business is still seeing good demand. From Soho House: