1. Great power conflict threatens USD’s exorbitant privilege – Zoltan Pozsar via FT *
2. Financial Engineering the Debt Ceiling – Matt Levine via Bloomberg
3. Investors pump trillions of dollars a day into ultra-safe Fed facility – FT
4. The Bank of Japan’s Moment of Truth – WSJ
5. Goldbugs Owe Much to Central-Bank Buying – Bloomberg Opinion
6. Multicurrency Mercantilism and the New International Economic Order – Kathleen Tyson *

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1. US Dollar touches 7-month low as Fed rate rise expectations slide – FT
2. ECB’s Lagarde, DB’s Sewing See Inflation as Principal Concern – Bloomberg
3. Treasury Begins Extraordinary Measures Amid Debt-Ceiling Debate – WSJ
4. Copper’s Rally Keeps Rolling Along, With Help From China – Barron’s
5. JPM’s Dimon says rates will rise above 5% due to underlying inflation – CNBC

1. BOJ under pressure over next move as bond yields & yen surge – FT
2. Calmer bond market helps drive global stocks higher – MarketWatch
3. In Davos, Leaders Fret Over Fragmenting Global Economy – WSJ
4. That Giant Sucking Sound Is the Exit From US Stocks – Authers in Bloomberg
5. BOJ Surprises Markets With No Change, Yen Falls – Barron’s
6. The Disappearing Japanese Bid for Global Bonds – Brad Setser CFR *

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1. German investors turn positive as recession fears wane – FT
2. CEOs, Economists Brace for Recession as Davos Begins – Bloomberg
3. China’s Population Falls, Heralding a Demographic Crisis – NYT
4. Wall Street Dealers Become Bit Players in US Bond Sales – Bloomberg
5. Economy Hits Its Trough; Markets Rebound May Have Begun – Barron’s
6. Kremlin Revenue Under Pressure as Crude Price Falls on Sanctions – Bloomberg
7. The Rise of the Global Dollar System – Perry Mehrling *

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1. What if 2023 is not the reset that investors are pining for? – FT
2. Oil and Gas Are Back and Booming – WSJ
3. What America’s protectionist turn means for the world – Economist
4. Listen to Bond Market Rather Than Fed on Rates – Gundlach in Bloomberg
5. US & Allies Prepare Fresh Sanctions on Russian Oil Industry – WSJ

1. End of Easy Money Creates Financial Upheaval Around the Globe – Bloomberg
2. The debt ceiling is scarier this time – FT Unhedged
3. China Deflation Pressure Worsens as Economy Slumps – Bloomberg
4. Emerging market stocks jump 20% from October low – FT
5. Oil Falls After Fed Signals Further Determination to Lift Interest Rates – Barron’s
6. Central Europe’s path to lower inflation strewn with hazards – Reuters

1. Strong economic data point to shallow eurozone recession – FT
2. Morgan Stanley Warns US Stocks Risk 22% Slump – Bloomberg
3. Strong Jobs Report Doesn’t Resolve Fed Debate on Next Rate Rise – WSJ
4. Central banks can’t win when it comes to credibility on inflation – FT Opinion
5. The Cash Flows created by credit relationships – Daniel Neilson *

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1. Will QT end early? – FT Unhedged
2. Haidar Streaks Ahead of Macro Hedge Funds With 193% Gain – Bloomberg
3. Eurozone inflation drops in sharper than expected fall – FT
4. U.S. Added 223,000 Jobs in December; Unemployment Fell to 3.5% – WSJ
5. Global regulators to step up scrutiny of risks outside banking system – FT
6. Fed Repos Soar To $2.55 Trillion As US Treasury Yields Tank – Confounded Interest *
7. Inflation Debate: Supply Shocks & Wealth Effects in a Multipolar World – INET *

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1. Global negative-yielding debt wiped out by Japan policy shift – FT
2. Credit-Card Rates Poised to Hit a Four-Decade High in 2023 – Bloomberg
3. Big Banks Predict Recession, Fed Pivot in 2023 – WSJ
4. Why gold prices may be headed for record highs this year – MarketWatch
5. Fed wants ‘more evidence’ of easing inflation and backs fresh rate rises – FT
6. Financial Hierarchy – Daniel Neilson *

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1. The new Gulf sovereign wealth fund boom – FT
2. New Hedge Fund Soars 163% Betting Everything Is Going Down – Bloomberg
3. Fed’s Kashkari Sees Rates Rising to 5.4% – WSJ
4. Mortgage Applications Ended 2022 at Their Lowest Levels Since 1996 – Barron’s
5. Falling French inflation sparks hope of end to Europe’s price surge – FT