What is ECB?

ECB survey: 50% of firms plan to train existing staff for AI, versus only 12% planning to hire AI specialists.

“Just about 50% of firms planned to invest in training their current staff for AI versus only 12% that were planning to hire AI specialists.”

Brent Donnelly on where trading edge now lives, short-term human flow over macro policy calls.

“I feel like my edge is much more in predicting where the humans are gonna go in the next week or two and not like is the ECB going to hike or sound hawkish or whatever.”

After controlling for energy import dependence, inherited inflation, and fiscal looseness, the Fed is more of an outlier on above-target inflation than the ECB or Swiss National Bank, undermining the claim that the US handled post-pandemic inflation well relative to peers.

“The international comparison actually doesn't flatter the US. You have to do a little bit of careful things on the data. But basically, if you control for three things, which is how dependent on imported energy are you, how What was the inflation going into the last few years? So what do you have to clean up from the predecessor? And then out of the Fed or any centralized control, how loose is your fiscal policy? When you look at that, the Fed is more of an outlier.”

China, via PBOC liquidity and retail demand, has been the primary driver of gold prices, not the Fed, the ECB, or Western retail investors.

“The big driver of gold has not been what has been happening from the Fed or from the ECB or whatever retail investors in Europe or America. It's basically been China.”