We live in very strange times, in many different ways…

So who is Donald Trump’s James Baker (without whom the dollar is going to go on overshooting until we’re way past silly)? This from the NYT

Jimmy Carter signing the Humphrey Hawkins act into law in 1978….

It’s obviously been raining less here than in Spain. Link to @katie0martin.bsky.social ‘s piece on Europe’s woes. The market (as opposed to policy/govt/leadership/OFFS do something) question is at what point markets have overpriced US exceptionalism so much too much that I can buy the useless euro?

I read an article over breakfast discussing the 12-3-30 workout, another fad I missed. 12% gradient on a treadmill at 3mph for 30 minutes, burns 300 calories. No treadmill in Devon but a lane promising 20% so I wandered up Pupers Hill. Garmin says 3 miles, 1 hour, 7.5% gradient, 360 calories.

Hill and view. All is well.

Of one of these

Spanish GDP growth picked up to 3.4% y/y in W3. Is Spain even in Europe?

All our yesterdays have lighted fools the way to dusty death?

The FT review of James Rebanks’ new book is wonderful. I’m not heading to Fjaeroy, but I am buying the book

It’s a bit autumnal. Not very, yet.

It’s still selling

$/¥ this morning, trying to catch a half/point Fed cut on Wednesday

Honestly, I have no idea. CFTC data show the fast-market getting longer yen. The rates market prices a faster pace of easing than after the dotcom/Asia crisis. I think Ange should run the Fed. Why not?

And I went to the pub

Bucolic Friday. Markets reckon we’re in for a faster easing cycle even than 2001. But rates won’t fall as far because the new neutral is higher. There’s a drinking game in there somewhere…