Trading Insights

🌐 Macro Snapshot — What’s Driving Markets

Thursday 20, November 2025 8:10 am

Elevated US Yields: Liquidity tightness from high TGA + low RRP continues pressuring rates.
Divided Fed: December rate cut uncertain; Treasury reinvestments resume Dec 1.
Labor Market Weakness: NFP expected at 52K—improving but still soft.
Liquidity Asymmetry: Big banks hold reserves; regional banks remain constrained.
Credit Stress: Rising spreads increase urgency for lower benchmark rates.
AI Momentum: Nvidia’s blowout quarter solidifies AI as dominant equity driver.
Crypto Reaction: ETH lifted by improved risk sentiment but remains rate-sensitive.
Metals Range-Bound: Gold and silver consolidating until macro catalysts return.