Dear Friends,

As we move into the later part of June, keep in mind that all the talk now about higher rates via lower long bonds got its start with Russia, China, Brazil, India and others interested in swapping dollar instruments for instruments denominated in a basket currency.

That is distinctly dollar negative going forward on supply versus demand while index and futures trading is easily manipulated short term.

Algorithms triggered by faster algorithms will have their day, but not weeks.

Regards,
Jim