MacroBusiness Access Subscriber Only Content at 8:30 am on July 16, 2021 | 4 comments Risk markets continue to swing from hope to fear with the latter ruling again overnight without any obvious catalysts. Both European and US stocks fell back around 1% or so with commodities equally mixed as oil dropped 2% while industrial metals lifted. The USD rebounded after falling back midweek while bond yields also fell back to their weekly lows as Fed Chair Powell re-iterated the Fed’s stance to the Senate overnight. Bitcoin’s deflation continued with a return to the $31K level yesterday that has it on track to get back to the start of year position at $30K or lower as the daily downtrend line (upper black sloping line) still holds: