When cracks become fractures
Plus: markets wising up?, the ESF, and more
“How often I found where I should be going only by setting out for somewhere else.” – R. Buckminster Fuller ||
Hello, everyone, and happy Fed Day! Jerome Powell’s last press conference as Fed Chair… end of an era.
Apologies for the late send today, SO much NEWS to get through this morning…
Production note: it’s a public holiday in much of Europe on Friday, so this newsletter will be skipping publication.
Because of the holiday, no “Press Publish” this week, but back next Friday! Meanwhile, check out my conversations with Irina Slav, Brady Dale and Christine Kim here.
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IN THIS NEWSLETTER
When cracks become fractures
Term of the day: Exchange Stabilization Fund
Markets: pull the other one
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WHAT I’M WATCHING:
When cracks become fractures
After four months of some of the most head-spinning geopolitical body blows in recent memory – the incursion into a foreign country’s territory to capture their leader, threats to invade a NATO ally to take one of their islands, an attack along with Israel of a Middle East oil producer and a blockade in international waters – we now have confirmation that the cracks are spreading.
Yesterday, the United Arab Emirates (UAE) announced that on May 1 it is leaving the oil cartel OPEC+ after almost 60 years of membership.
Last month, it demanded immediate repayment of a $3.5 billion loan to Pakistan.
And just over a week ago, reports emerged that the UAE approached the US about a dollar swap line.
These shifts are all related, and together they paint a confusing picture. This is appropriate given the current global upheaval – it is also relevant for crypto markets. Hear me out.
