On The Yen, German Inflation, And The UK

The US Treasury Department is intervening to support the yen in an effort “built to fail,” writes William—which would be alright with Prime Minister Takaichi. Tokyo’s fight against yen bears is “largely theater,” and the US intervention is a “PR-motivated half-measure.” … Also: Germany and the Eurozone broadly have an inflation problem stemming from the war in the Middle East. That gives the hawks on the ECB plenty of ammo, and a September rate hike is likely. … And: A look at Fed Chair Warsh’s ties to the BOE, ideological and otherwise. … Plus: Toby assesses whether the British stock market still deserves its historical valuation discount.