Questions, questions, everywhere this morning! Bitcoin has staged a spectacular rally since the US election. I am assured - by crypto-shills - this makes it a proper financial asset. Oh, here was me thinking it was money. Nope. It’s an asset. Really? Also, a podcast on why Musk should buy Boeing. And what does the new US defence secretary likely mean for the US military and the future of NATO-CANZUS.

The UK economy feels like Gormenghast. Labour wants to balance the books – but will just keep running to get no-where fast. We need an honest appraisal of the problem; a root and branch creative destruction of the bureaucracy of state. The Civil Service needs to learn to be agile and fail fast.

I admit to being surprised by the Fed’s 50 bp ease last night. It makes sense though: it will ease economic tensions significantly and support the “good” economy in its current stable growth grove. Naturally Trump supporters will be furious: Jay Powell has confirmed the USA is in a good place.

September is the start of the final 3-month rush to complete deals this year – it’s the busiest, most frenetic period of the financial year, and often the most dangerous for markets. What potential shockers lie around the corner?

Next week I will be either stuck in the queues at Heathrow, or sailing round Greece. Time to unwind and think about the state of the World. Or… maybe not ruin my break by scaring myself! Some thoughts on Global Macro.

The UK’s snap General Election will be one of the most significant on record. At stake is restoring the UK's reputation for political competency. It will be required to address the massive challenge on the economic horizon: the threat of galloping wage demands and stagflation while trying to repair Broken Britain.

Markets act like rate cuts are already done. Froth rules. The reality is a mis-aligned global economy struggling with multiple consequences from the last 15 years. The real economy is about supply, and China is critical to that argument.

As the Dow pokes 40K, markets remain exuberantly frothy! Labour produces a list of 6 priorities designed to reassure voters they aren’t rampaging social-communist revolutionaries intent on overturning everything, (Keir Starmer? really?) demonstrating instead their intent to be better Tories than the Tories. Disappointing. They missed the critical issue, Housing, from their list.

Politics and Corporate Greed are close bedfellows. This week’s market will be driven by the US inflation number and what it means for rate cut timing, but the costs of inflation fall hardest upon the poor. Political populism is driven by inequality and corporate greed, and underlies market instability.

The UK’s general election will be the most critical moment in UK politics in decades. The key point will be for prospective new Chancellor Rachel Reeves to persuade global markets the UK is investible. She needs to be absolutely clear on her plans and engagement.