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Yields Spike and the Trump-Xi Summit Is Probably a Nothing Burger
Yields continue to spike, stocks are selling off, and Monday's big rally is looking more and more like wishful thinking. There was a glimmer of hope for a moment that the US-Iran conflict was coming to an end. A hot PMI has the Fed-hike fears back on the table ahead of PCE on September 30th, and I still do not like the idea of hiking into a supply crunch. My thoughts on the Trump-Xi summit: the truce gets extended, but the one thing that would truly move your portfolio is not on the table.
That thing is China loosening its refined rare earth export controls in exchange for our best…
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