Assets

• Cross-assetToday's cross-asset picture, per this week's published research: a bond-vigilante move is steepening the US curve while the dollar softens. Long-end Treasury yields (10Y, 30Y) are pushed higher by doubts about Fed Chair…
• GoldGold research is split by time horizon — but the near-term trade is crowded on the long side.
• SilverSilver's outlook depends entirely on your time horizon, according to research published this week.
• CopperCopper's structural bull case is hardening in this week's published research.
• OilPublished research this week lands overwhelmingly bullish on oil, with near-universal agreement across analyst commentary that Brent and WTI are biased higher.
• Natural gasNatural gas looks set to stay elevated, according to research published this week, with geopolitics and tight supply doing the heavy lifting.
• BitcoinA contrarian thread of recent research argues the entire crypto complex is heading to zero.
• US equitiesUS equity research is leaning tactically bearish, with published views pointing to pressure on the S&P 500 and Nasdaq from rising Treasury yields, uneven mega-cap earnings, and a sharp unwind in AI and semiconductor…
• European equitiesEuropean equities are catching a constructive cyclical tailwind, according to research published this week — with the DAX as the lone near-term exception.
• US bondsPublished research this week points to a striking split in the US Treasury market: long-dated yields are pushing to multi-year highs while short-dated yields drift lower, producing one of the sharpest curve steepenings…
• EU bondsEuropean bond yields are biased higher, with published research pointing to a near-certain ECB rate hike in September as the catalyst.
• EUR/USDPublished research this week lines up unusually cleanly on one call: the euro is set to gain further ground against the dollar. Every research desk covering the pair leans bullish — the debate is only about timing and…

Macro

• Macro themesToday's dominant macro story, according to published research this week: the Fed held rates at 3.50–3.75% in a 9-3 vote, and markets are struggling with Chair Warsh's decision to abandon forward guidance just as a…