Yields & Dollar Rise, Freight & Manufacturing Decline Continues

Debt and foreign exchange markets are becoming chaotic as central banks and government borrowing worldwide continue to make a mess. The Reserve Bank of Australia left interest rates unchanged while the Chinese Govt strongly "suggested" that their banks delay buying dollars. Meanwhile the US treasury forecasts for borrowing in the remainder of 2023 came in even higher than the worst bears were expecting. All of this while manufacturing and logistics markets are crashing and the financial press is saying "all clear, soft landing, no recession."

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