Global Macro Monitor

COTD = Chart of the Day

If the idea of tech impresarios sending fleets of satellites into space to revolutionize communications by making high-speed connections available just about everywhere sounds familiar, it should. That’s certainly the news of today, with Elon Musk’s Starlink already girdling the globe with more than 4,000 satellites in low-Earth orbit and rivals including Amazon.com Inc.’s 3,236-satellite Project Kuiper—the brainchild of founder Jeff Bezos—not far behind. – Bloomberg

President Biden’s odds at PredictIt.org of being re-elected in November cratered after the release of last week’s special counsel’s classified documents report.  He was cleared, but the following language in the report inflicted a major political flesh wound, 

“at trial, Mr Biden would likely present himself to a jury, as he did during our interview of him, as a sympathetic, well-meaning, elderly man with a poor memory“. – Special Counsel’s Office

We added a Fed tracker at the bottom of the yields page, which measures the change in the expected Fed Funds rate at each upcoming FOMC meeting throughout the rest of the year.  The rate is a weighted average of market probabilities.  Note the significant market revisions this past week in the later months, such as an increase of 63 bps for the December meeting.  Is Mr. Market listening?