JUL 22, 2022 • 11 Min Read
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The macro situation keeps getting more complex, and complexity often equates to uncertainty. Last week, the US CPI print came in even higher than expected, topping all economist forecasts (we discussed the implications of this in last week’s report, “Bitcoin Is Not An Inflation Hedge”).
This week was filled with more macro developments. The Bank of Japan raised its inflation forecast but maintained ultra-low interest rates despite the yen’s recent weakness and souring import costs. The implications of this are not without consequence though. Astonishingly, even with the unlimited bond buying promise, the 10-year JGB saw yields briefly ‘de-peg’ to levels beyond the 0.25% cap last month. This will be an important trend to watch given the high risk of further dollar strength from here.<
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