Today, we highlight another high energy day for the equity market, with semiconductor stocks screaming back higher and the US dollar continuing its move higher post-FOMC, even as we question whether the market is anticipating the future path of Fed policy appropriately. A focus on the worst performer in the S&P 500 today: Accenture, which was pummelled 18% to an almost nine-year low on fears of additional AI disruption even as the company scrambles for a new business model to have an answer for the age of AI. This and more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Links

John's latest The FX Trader update
Accenture knocked post earnings as it is scrambling to redefine itself - good coverage from FT.
Izabella Kaminska with more of her usual second order thinking on how to position the USD 300 billion package in the Iran deal.
Odd Lots podcast interviews the venerable Jeremy Grantham, who has seen a think or two in his 87-plus years.
WSJ profiles the success of the Lynas CEO in building its rare earths capacity.

About twice per week (in normal times, hopefully soon to resume), you will find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack.

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