Not much content but notable it is

I don’t want to downplay mortgage fraud and the evidence presented seems clear on the surface but we have to be honest that Lisa Cook was likely targeted (I'm sure among others) and then disposed of without due process (even though we don't yet know how this will go from here in terms of cause proven while she was in her Fed seat and whether she ultimately leaves or not) in order to remake the Fed with people who will be most inclined to cut interest rates. I will let the value of the US dollar, gold and 10 and 30 yr Treasuries from here do most of the talking in coming weeks/months/quarters/years on what they think of all of this but I don't think any of us should feel good about what is going on with the attempt to remake the Fed for the sole purpose of having lower interest rates than they would be otherwise.

Rising long term rates is now mattering in France as Prime Minister Michel Bayrou has called for a confidence vote that could end his minority government coalition and the French CAC is trading down by 1.5% after a 1.6% decline yesterday. He did so in order to push back against the political opposition to the proposed spending cuts and tax increases that have been laid out to trim France's debts and deficits and whose high levels is what the bond market is most worried about. The French 30 yr yield is flattish today but sitting at a 14 yr high. In sympathy, the UK 30 yr yield is at a 17 yr high, the 30 yr JGB yield closed flat but at its 26 yr high and the US 30 yr Treasury yield is at a one month high at 4.93-.94% and is just 18 bps from an 18 yr high.

I'll say again, don't ignore what is going on with longer term global bond yields. The euro heavy dollar index by the way is down a touch and still hovering just above the weakest level since early 2022.