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Walmart's Selloff and the Debasement Trade Rolls On
Stocks are up pre-market with Bitcoin hitting $79k overnight, gold ripping, and the 10-year back around 4.7. The debasement trade is still very much alive after Bessent doubled down on TV yesterday. I think Warsh is also more dovish on rates than people give him credit for, even though he stays hawkish on the balance sheet. Jackson Hole next Friday will probably bring little clarity, and mostly noise for long-term investors.
The main story (in my opinion) I wish I had led with is Walmart selling off around 10% yesterday, with US comps ex-fuel growing just 2.6% against a 3.5 to 3.7% consensus…
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