Choppy chips even as crude mega-dips. Warsh on tap.

Today, some last thoughts on the FOMC ahead of the meeting as the market is treating it with little anticipation even if this is likely to prove the most significant ideological change at the Fed since Greenspan left in 2006. Also - evidence from a choppy session for chips that the market nervousness may be rising for the hero sectors powering the recent market advance, especially given the max supportive move lower in crude oil yesterday, showing that lower oil prices have lost their impact as macro driver. This and more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Links

• Yesterday's John J. Hardy substack with more links, if you missed these.
• Craig Tindale's latest on "Who owns the chemistry that turns metal into power." Laying out why those critical materials are so critical and the systematic changes required to address the issue if China isn't to maintain its dominance and leverage.
• Peter Garnry on SpaceX and how truly rare  it is to see the kind of growth that some are anticipating for this company - with only two prior examples that are even in the same universe for a company of size.

About twice per week (in normal times, hopefully soon to resume), you will find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack.

Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here.

Please reach out to us at marketcall@saxobank.com for feedback and questions.

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