The ABCs Of Global Commodities

While the US federal budget deficit is on an unsustainable course, there’s good news about it: Income-tax receipts are up y/y—more evidence that no recession is on the horizon. And while spending also is up y/y, the net result is a lower deficit than at this time last year. For bonds, that means the 10-year Treasury yield won’t likely retest last fall’s highs near 5.00% anytime soon. … Australia, Brazil, and Canada are big exporters of commodities; Melissa surveys the export landscape for each by commodity and trading partner. … And Joe recaps the Q2 earnings, revenues, and profit margins to date for the S&P 500 and its 11 sectors.