trending altcoins, pump.fun. Photo by BeInCrypto The Pound Sterling (GBP) extended its downtrend and reached seven-month lows near 1.3000 against the US Dollar (USD), before GBP/USD buyers quickly jumped in and recovered some ground.  Pound Sterling rebounded; not out of the woods yet Safe-haven flows returned with a bang and acted as a strong headwind to the risk-sensitive Pound Sterling while boosting the US Dollar to its highest in five months against its six major currency rivals. “Sell everything” ...

Company Overview - Public Storage (NYSE: PSA) is a leading real estate investment trust (REIT) focusing on self-storage facilities, providing storage solutions across various locations [1] - As a REIT, the company benefits from tax advantages and is required to distribute a significant portion of its income to shareholders [1] - Public Storage competes with other self-storage providers such as Extra Space Storage and CubeSmart [1] Stock Performance and Analyst Sentiment - The consensus target price for PSA's stock has shown fluctuations, with the average price target recently at $324, up from $321 in the previous quarter, indicating positive sentiment among analysts [2] - A year ago, the average price target was $330, reflecting more optimistic expectations for the company's growth or market conditions at that time [3] - Analyst Keegan Carl from Berenberg Bank has set a price target of $357 for PSA, reflecting strong confidence in the company's future performance [3][6] Earnings Reports and Market Outlook - Public Storage is set to release its third-quarter 2025 earnings results on October 29, 2025, with a conference call scheduled for the following day [4] - The recent earnings season for REITs concluded positively, with many companies surpassing expectations, which may contribute to a favorable outlook for PSA [4] - Investors are encouraged to monitor upcoming earnings reports and company announcements to understand potential future movements in PSA's stock price [5][6]

In late 2024, the United Kingdom experienced significant disinflation. However, this trend reversed in 2025 as CPI inflation increased sharply by July and remained at that level through September with inflation averaging 2.8% in Q1 of 2025 before climbing to 3.5% in Q2. The sharp reversal stems from a combination of domestic policydriven cost increases, global commodity pressures, and lingering effects from past economic shocks.Food price inflation has been the primary driver, rising 5.1% in August of 2025 ...

Economic Outlook - The US economy is expected to experience a reacceleration over the next 12 months, with inflation likely to remain contained [3][4] - Three disinflationary trends are anticipated: the impact of tariffs will lessen, wage inflation is expected to decrease, and shelter inflation will also decline [3][4] Stock Market Sentiment - There is a selective bullish sentiment towards technology and artificial intelligence (AI) stocks, despite concerns about potential bubbles [2][5] - Current financial conditions are described as loose, which supports the ongoing momentum in the stock market [6] AI Sector Insights - The narrative around AI is seen as a transformational innovation, with significant capital expenditure (capex) expected to drive growth [7] - The current compute capacity is predicted to need five times the existing amount to support AI advancements [7] Bubble Indicators - Key indicators for identifying bubble territory include a disconnection between price and fundamentals, extended positioning among retail and institutional investors, and a stronger positive narrative around the technology [10] Healthcare Sector Perspective - The US healthcare sector is viewed as a diversifier away from AI investments, with expectations that it will benefit significantly from AI advancements [11][12] - Factors contributing to a bullish outlook on healthcare include reduced development costs for drugs due to AI, clarity around tariffs, and favorable valuation conditions [12][13]

Monetary Policy Strategy - The Fed's monetary policy should be forecast-dependent, not data-dependent, as current data is backward-looking [1] - Monetary policy operates with a lag, typically 12 to 18 months, influencing the economy [2] - Policy decisions should anticipate economic conditions 1 to 2 years in the future, not based on past price levels [3] Inflation Outlook - Substantial disinflation is expected in the coming year, particularly from housing and shelter inflation [4] - Shelter inflation constitutes approximately 45% of core CPI and about half of core PCE [4]

Market Overview - The market indexes are relatively stable, but there is a noticeable increase in the dollar and the VIX, indicating a potential shift towards defensiveness in the market [1][3] - The dollar index (DXY) has been holding in the 97-98 range, which is crucial for future movements [3] Energy Sector - The energy sector has shown signs of life recently, with traditional oil companies like Exxon and Devon starting to perform well [4][5] - There is a concern that the strength in the energy sector may come at the expense of consumer discretionary and banking sectors, which have been leading the market [5] Defense Stocks - European defense stocks have performed well throughout the year, with companies like Rhyatel reaching new highs [6] Global Market Trends - Despite some fatigue in the S&P, global markets are showing strength, with new highs in markets like NIK and China [7] - There are indications of a global economic reacceleration, as seen in the performance of Chinese stocks and commodities like copper [9] Bond Yields and Mortgage Rates - Bond yields have remained stable over the past two years, with the long end of the curve not breaking higher despite opportunities [10][14] - The mortgage backdrop has improved significantly, with 30-year fixed rates dropping from 7.5% to around 6.25% [13] Investment Strategy - The focus remains on sectors like industrials, financials, and technology, with a particular interest in banks and semiconductors [17][18] - The current environment is unique, as the Fed is cutting rates while banks are at all-time highs, which historically has been a positive signal for banks [18]

Market Outlook - The market is expected to experience a reaceleration in job growth and GDP, with projections indicating potential surprises to the upside for Q3 and Q4 [3][10] - The Dow is projected to reach 50,000 and the S&P 500 to 7,000 by Q1 of 2026, driven by earnings reaceleration and economic growth [12] Federal Reserve Actions - The Federal Reserve is anticipated to cut rates again, with expectations of one or two more cuts, although this is not seen as the beginning of a grand rate-cutting cycle [9][10] - The Fed is perceived to be behind the curve in its decision-making, with suggestions that they should have cut rates earlier in the year [8] Inflation Trends - Inflation is expected to stabilize in the upper twos to low threes, with a long-term trend towards lower inflation rates [5][4] - The current inflation battle is viewed as misdirected, with a belief that the focus should shift to other economic indicators [4][5] Sector Performance - Small caps are favored, with recommendations to buy on pullbacks, as they are expected to perform well despite high valuations in larger stocks [20][21] - Financials and biotech sectors are also viewed positively, with potential opportunities in energy stocks as crude oil prices stabilize [21][22] Market Sentiment - There is a belief that panic selling has occurred, leading to minor pullbacks and a strong performance chase among fund managers [13][15] - The current market rally is seen as a result of significant cash positions held by managers who are now seeking to catch up with benchmarks [15]

Core Viewpoint - Federal Reserve Governor Stephen Miran does not expect President Trump's tariffs to have a significant inflationary effect on the U.S. economy, differing from the majority opinion among Federal Open Market Committee voters [1][2]. Summary by Sections Inflation and Tariffs - Miran believes there is no material inflation resulting from tariffs, citing a lack of evidence and no significant difference in inflation rates between import-intensive core goods and overall core goods [2]. - He noted that if tariffs were driving inflation, one would expect to see a higher inflation rate in imports, which has not been observed [2]. Economic Outlook - Despite current inflation running above the Fed's 2% target, Miran anticipates stronger economic growth in the second half of the year, attributing weaker growth in the first half to uncertainties surrounding Trump's trade and tax policies [3]. - He also predicts that Trump's immigration policies could lead to disinflation in the economy, suggesting that an influx of immigrants could initially drive up shelter prices, but closing borders could have a disinflationary effect [3][4]. Federal Reserve Board Appointment - Miran was confirmed to the Fed Board of Governors and will serve until January 31, 2026, while taking an unpaid leave from his position as chair of the White House Council of Economic Advisors [5].

Core Views - Newly confirmed Fed Governor Steven Myron expresses a differentiated view on monetary policy, advocating for a 50 basis point cut instead of the quarter-point cut favored by the majority of the committee [2][12][8] - Myron argues that there is no material inflation from tariffs, as import-intensive core goods have not inflated at a higher rate than overall core goods [3][4] - He believes that recent changes in border policy have been significant inflation drivers, with a potential disinflationary effect due to negative net migration [5][7] Monetary Policy Insights - Myron's perspective includes a belief that the current monetary policy is too restrictive, which could lead to risks in meeting the employment mandate [19][42] - He plans to provide a detailed accounting of his economic views in an upcoming speech, emphasizing the need for thoroughness in his analysis [9][16] - The Fed's current policy is seen as appropriate by Chair Powell, who indicates that there was not widespread support for a more aggressive cut [11][12] Economic Growth and Labor Market - Myron anticipates better economic growth in the second half of the year, attributing earlier weaknesses to uncertainties around trade and tax policy [22][23] - He acknowledges recent revisions indicating a weaker labor market than previously thought, which raises concerns about the risks of a restrictive monetary policy [41][42] Balance Sheet and Interest Rates - Myron discusses the size of the Fed's balance sheet, suggesting that it should be determined by the regulatory regime rather than as a target in itself [47] - He expresses that the Fed should not engage in credit allocation across sectors, maintaining focus on its mandates of maximum employment and stable prices [48] Tariffs and Inflation - Myron challenges the notion that tariffs are driving significant inflation, arguing that the burden of tariffs is often borne by exporters rather than U.S. consumers [52][54] - He emphasizes that relative price changes do not equate to macroeconomically significant inflation that would warrant a monetary policy response [59][60]

Traders are betting the European Central Bank’s interest rate-cutting cycle has likely come to an end after President Christine Lagarde said growth risks in the region are more balanced and the disinflationary process is over https://t.co/87Oy6lyKxZ ...