Zoltan Pozsar Weighs in on Bonds

This is a free preview of a paid episode. To hear more, visit vblgoldfix.substack.comHousekeeping: Good Morning.Bretton Woods Three is a Process, Not an Event. Today:* Premium: Pozsar Excerpt, ING Bank on Gold* Commentary: Pozsar, Gold chartsMarkets Yesterday:US equities were mixed on Wednesday amid a slew of corporate earnings reports.Premium/Markets: Pozsar Weighs inThere are two ways to slow inflation: by hiking short-term interest rates or by forcing long-term interest rates higher.- Z. Pozsar Feb 2022As Zoltan Pozsar just said: There is a reverse accord between Powell’s Fed and Yellen’s Treasury now.’- Z. Pozsar May 8, 2024 more at bottom…3 Little Words for GoldContinuation: All the secular trends that got this started for the last 2 years are still in placeElevation: Raised awareness of Gold’s strength and the reasons for it are spreading to other metals organically. Raised awareness of the coming events, specifically the election and the BRICS summitExpectations: The market is sniffing out the Fed cannot do anything without screwing up something. Recession is no longer an option politically or economically. They cannot have a recession. Thus if the market crashes, he will ease. He cannot raise because he knows the economy is harshly bifurcated now, and if he does, 1/2 of it will collapse. Further, even if he could, he knows the Yellen treasury will undermine his work and ease another way. Next WeekFinally at the street level Growing consensus the CPI next week will be very soft, Which will be bullish for all assets that expect Powell to ease. Data on Deck: nothing until CPI* MONDAY, May 6 speakers* TUESDAY, MAY 7 3:00 pm Consumer credit March $15.0B $14.1B * WEDNESDAY, MAY 8 10:00 am Wholesale inventories * THURSDAY, MAY 9 8:30 am Initial jobless claims* FRIDAY, MAY 10 Consumer sentiment (prelim) May 76.0 77.2 12:45 pmPremium: ***DO NOT SHARE THIS***1- Zoltan Pozsar’s Latest Note OverviewWe don’t have the note. **Expect a write up on what we have over the weekend. **His message is very simple, clear and contextually consistent with his previous works about Gold, Real Assets, and Bonds. We will translate it some more and give context this weekend. It’s very important for Bonds, Gold, and the Fed itself.2- ING Gold UpdateNice read, especially for people trying to catch up