Good morning and welcome to Markets Desk, your midday read on what's moving money and markets.
Strategy, the Michael Saylor-led bitcoin holding company, has disclosed a program to sell bitcoin from time to time to fund dollar reserves and buy back its own shares. That is a notable reversal from years of aggressive accumulation, and it signals the firm is now treating its crypto treasury as a two-way instrument rather than a one-way bet.
Shifting to commodities, the grain complex is under pressure this Monday morning. Soybeans are off six to nearly ten cents in early trade following a soft Friday close, while wheat is holding a more mixed posture with hard red contracts edging higher even as Chicago soft red contracts remain under pressure. Weather and expiring July options are both in the mix.
And on the macro front, the OECD, which called four point two percent inflation back in March well ahead of the Federal Reserve, is now updating its outlook for U S investors. The organization has earned credibility as a leading indicator precisely because it moved before policymakers acknowledged the inflation surge, which makes whatever they say next worth watching closely.
That's the tape. Markets Desk, signing off the floor.
