Julia Coronado

And that may have been one of the catalysts for the metals correction.

And then that spilled over into a crypto correction over the weekend.

And now we have some stock future pressure.

But again, we have been on such a crazy, relentless tear in many of these markets that it's almost an excuse for a pullback rather than pointing the finger directly at the Kevin Walsh nomination.

The big annual revision.

So remember last fall, we got a preliminary peek at that, and it was a large downward revision of 900,000 jobs lower than previously estimated.

All of that gets worked into the data report.

in a very detailed way with the report this Friday.

So we get to see what is the true hiring rate that we are at, or at least a bit closer to reality.

And that's always very exciting for data wonks like myself.

The yen has been under a lot of pressure on fiscal expansion plans, and pretty alarmingly so.

And the reason we care about this is because Japanese investors buy a lot of treasuries.

So there is some notion that the U.S.

and Japan might be coordinating to stabilize the yen because that would help prevent upward pressure on U.S.

interest rates.

That we're issuing more, that's exactly right.

And of course, the administration's been very frustrated that long-term interest rates haven't come down, and this would only go in the wrong direction.

So there's a lot of movement.

There was a lot of movement at the end of the week, and markets are opening up again with a lot of response to these rumors of intervention.

So the yen is strengthening, the dollar is weakening.