20 March 2023 – 09:21 Central Euro Time

With UBS acquiring CS we’ve both the Bond and Gold at present above today’s Neutral Zones; below same are Oil and the Spoo, and BEGOS Markets’ volatility is moderate-to-robust. The Gold Update supports price within the fresh weekly parabolic Long trend as being en route to a new All-Time High (above 2089) and the mid-2100s reasonably in range within a few months (if not swiftly) on this run. Yields are coming off on the wake of banking illiquidity: of note, FedFundsFuts (which were above 5%) are now at 4.585% whilst the 3-month T-Bill (after nearly 5%) is down to 4.293%; comparably, the “live” yield (futs-adj’d) on the S&P is 1.737% and the excessively-high P/E is 44.3x. The Econ Baro has a very quiet week ahead with just five incoming metrics due; the week’s highlight is Wednesday’s FOMC Policy Statement, which given the banking strife may not render the otherwise anticipated +50bp increase.