#doodle #draft #naive #art Last night I created my first #artwork in the field of real #impossible #geometry

#doodle #robots and #jobs You can't get a job b/c you're unemployed. But you remain unemployed b/c employers refuse to hire unemployed people.

Higher gas prices weigh on consumer sentiment, chart #JPMorganAM

#Fed Funds rate expectations, chart #JPMorganAM

US president urged the biggest US #oil companies to “give some of that back to the public” and cut retail gasoline prices after the 2 #energy giants made $29bn combined in 2Q2026, more than 3x the same period 1y ago, chart #Bloomberg

#Argentine President Javier #Milei presents a reform package – politicians will have to forgo their salaries in the event of budget #deficits. Pensions, police, and healthcare will remain exempt – chart #welt www.welt.de/politik/ausl...

#China It's worth noting where this #substack entry fits within #MichaelPettis ‘ broader framework. He consistently argues that trade imbalances originate in domestic income distribution and savings-investment imbalances, not simply in trade policy: michaelpettis858496.substack.com/p/technologi...

For #Germany, the #Rhine is not simply one transport option among many. It is a piece of industrial infrastructure around which much of German industry was physically built, chart #ING _ Economics

Low #water levels are new setback for the #German economy - record low water levels in the #Rhine could shave 0.3% off #Germany 's GDP growth this year, chart #ING _ Economics

OK, I know #FTAlphaville often uses provocative headlines to draw readers into quite sophisticated market analysis. " #Japan #LLC " is a journalistic metaphor. It invites readers to think of Japan as if it were a single company whose management is trying to maximize shareholder value.

#Japan The #FX intervention illustrates that official institutions still possess enormous firepower. Markets often repeat the mantra: "You can't fight the market." – chart @alphaville.ft.com

re: #Japan #FTAlphaville says the #FX intervention shows something broader: FX management has become geopolitical -- #currencies are no longer viewed simply as market prices. They have become instruments of industrial policy, national security and alliance management. www.ft.com/content/7ff5...

US #inflation expectations, as measured by the #swaps market, have collapsed in the last 2-months — whether coincidentally or otherwise, starting to fall just as #KevinWarsh took over at the #Fed – chart #Bloomberg @johnauthers.bsky.social

Reading b/w the lines, the article reflects a broader shift in #German thinking. 10y ago: #China was primarily viewed as Germany's largest growth market. Today: China is increasingly viewed as Germany's strongest industrial competitor, chart #handelsblatt www.handelsblatt.com/politik/konj...

#FX #ESF US foreign exchange is evenly split b/w the US Treasury’s Exchange Stabilization Fund and the #Fed ’s System Open Market Account, both of which are managed by the @NewYorkFed — each with $19.1bn of FX assets, chart @alphaville.ft.com www.ft.com/content/e279...?

#AI In less than 4y since #ChatGPT ’s launch, 1 out of every 10 people in the world use it each week. It’s contributing over a 3rd of U.S. GDP growth and has driven the equity market up 100% over the past 3y, creating $30trn in wealth, chart #JPMorganAM

#Tech is once again behind the strength in S&P 500 #earnings, but it’s not coming from the #hyperscalers. After adjusting for investment gains, the hyperscalers are contributing just 8% of the #EPS growth this quarter, chart #JPMorganAM

MS Research thinks Kevin Warsh is onto something: #inflation may be driven by both S and D, as #M2, bank-lending and fiscal-spending growth are all well above trend, supporting one of the strongest nominal-growth quarters since COVID, chart #MorganStanley

#FX Intervention #Swiss National Bank has apparently purchased foreign currencies worth 3.9 billion francs ($4.8 billion) in the 1Q2026 – 2Q2026 data are due at the end of Sept, chart @markets www.bloomberg.com/news/article...

This week's chart highlights lean #inventories at 67.9 days, masking underlying economic strength and supporting steady growth ahead, chart #JPMorganAM

#key chokepoints in #Germany and #Switzerland #Rhine falls to the lowest level since 1880 #barge costs on the #Rhine soar to record high chart #Bloomberg TV live

Did the UST #sell #euros instead of dollars? This is where things became interesting. Acc. to both the #FT (reported by #Reuters) and Bloomberg, NY #Fed sold euros and bought yen on behalf of the UST - chart www.reuters.com/world/asia-p...

Interest rate markets have shifted in a #hawkish direction across the world, largely driven by the ongoing #energy supply disruption, chart #GoldmanSachs

#Reuters notes that the UST recently used the #ESF in support of #Argentina 's #peso and specifically points out that the ESF is the Treasury's intervention vehicle, chart @reuters.com www.reuters.com/world/asia-p...

A joint US- #Japanese effort to fight off speculative bets against a battered #yen last week followed months of preparation by the two nations and a rare and public alignment of interests in Washington and Tokyo over exchange rates, chart @reuters.com www.reuters.com/world/asia-p...

#China has become an increasingly "two-speed economy": exports remain remarkably resilient, while domestic demand (consumption and property-related activity) remains persistently weak, chart #FitchRatings www.fitchratings.com/research/cor...

#FX markets interventions Bank of #Israel - buy USD, sell #NIS, resisting appreciation, protect exporters from an overly strong NIS versus Bank of #Japan - sell USD, buy JPY, resist depreciation, protect households and inflation from an overly weak #JPY.

#FX market interventions #BoI Bank of #Israel made net foreign exchange #purchases of about $1.8 billion during the 2Q2026, chart #BoI Bank of #Israel www.boi.org.il/en/communica...

#FX 2Q2026 the US #dollar strengthened against most of the major currencies, including by about 2.3% against the #Japanese #yen and about by 2% against the Canadian dollar - chart #BoI Bank of #Israel www.boi.org.il/en/communica...

#NIS #Israel #FX 2Q2026: Shekel: +5.9% vis-à-vis US #dollar and +6.6% vis-à-vis EUR chart #BoI Bank of #Israel www.boi.org.il/en/communica...