TRA Macro Tracking Index

The market is looking favorably on the notion that the President could agree to a framework of conditions to continue negotiations with Iran. A framework of a framework. But it could mean that oil gradually begins to move through the Straight. This news of the potential for a framework of a framework is enough to edge both yields and the dollar down.

We are of course still ending the month with very low consumer sentiment, ongoing inflation, and growing consumer stress (credit card delinquencies are rising). Stagflation outside of a few industries, like AI, picks and shovels, and healthcare, is likely to remain.

Have a wonderful weekend, and stay tuned next week as we continue to follow the markets and news.