Saxo Market Call Stagflation and mounting market divergences on the brain
8 snips
Aug 12, 2025 
In this discussion with Ole Hansen, Head of Commodity Strategy at Saxo, key topics unfold around the recent US July CPI data, revealing insights into the impact of Trump's tariffs. The conversation dives into the implications of stagflation on precious metals like gold and silver. Hansen also dissects recent trends in the lithium market, highlighting its global shifts. Additionally, they explore significant market divergences in US equities that may signal major turning points, building a compelling narrative on current economic dynamics.
AI Snips
Chapters
Transcript
Episode notes
July CPI Seen As First Post-Tariff Read
- John Hardy frames July CPI as the first month fully reflecting post-tariff conditions.
- He says tariffs should hit headline CPI most strongly in the initial months.
Don’t React To The Knee‑Jerk CPI Move
- John Hardy urges caution and tells listeners not to react to knee-jerk CPI moves.
- He advises watching the Treasury market first to gauge market views on Fed flexibility and stagflation.
Gold Consolidates As ETFs Quietly Accumulate
- Ole Hansen highlights that gold has consolidated since April after a big rally but remains intact.
- He notes ETF holdings reached a two-year high, signaling steady investor accumulation.