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- Middle East Conflict Remains a Concern
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Hey. We’re opening up the entire Opening Print, to show “Our Lean” to all subs for the next few days.
Our View
Yesterday's ES reversal was the largest in over two years, which is directly related to the Iran/Israeli conflict. As the US continues to build up its military presence in the Middle East, Russia is supplying Iran with its S400 Triumf mobile surface-to-air missile (SAM) defense system.
If you asked me what else was causing the selloff, believe it or not, the presidential election is also causing a shift. Lastly... stagflation fears are back on the rise.
Today we have the jobless claims report, which is becoming a bigger focus now that there are worries over the labor market. Then this afternoon, we have another big Treasury auction, this time with the 30-year bond. Yesterday’s 10-year note auction did not go so well.