Today, a look at risk sentiment in full swing after a successful SpaceX IPO on Friday and a stronger sense that the Iran war ceasefire may last long enough for shipping lanes to fully open in the Hormuz Strait, at least for a time. But while speculative energy remains high in equities, the broader macro picture is subdued, with little FX and rates volatility even as the new Kevin Warsh Fed marks the biggest shift at the Fed in a generation. This and much more, including the BoJ up tonight, on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy

Links

John's The FX Trader piece from today, discussing the technical situation in EURUSD and previewing the seven G-10 central bank meetings this week.
A 20-minute CNBC interview with SpaceX President and COO Gwynne Shotwell, where she talks a good game and even delivers the outlook for orbiting data centers with a straight face.
FT discusses the many forced buyers of SpaceX as the company has been fast tracked to join many major stock indices, the members of which enjoy passive inflows.
The Wall Street Journal with the basic, but important discussion of how Kevin Warsh is set to alter the Fed's communication strategy (an important first step, but as emphasized on the podcast - there are much bigger questions afoot down the line.)

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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