Bessent panics, gold and crypto rip, equity technicals pivotal

Today, we look at Treasury Secretary Bessent out trying to massage the market again after the Wednesday treasury buyback announcement failed to crush long US treasury yields. The treasury's actions continue to provide fuel for the sharp gold and crypto rallies. We also note that the market's so far modest correction is getting us close to pivotal technical territory for the S&P 500, with one critical earnings report up next week for the AI space. This and much more on today's pod, which was hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Links

• Have you heard of SLM's (Small Language Models that can run on a PC/laptop), these might have performance parity with LLMs for large percentage of AI tasks, which could - could - call into question the need for the scale of hyperscaler spending we are seeing.
• Fed piece on stablecoins: Payment stablecoins and cross border payments: Implications for monetary policy implementation.
• There is no one like The Telegraph's Ambrose Evans-Pritchard, who waxes dramatic as only he can on the dire risks of a US debt crisis.

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