In this edition:
- CPI stays tame as substitution and real-income effects kick in.

- Warsh's dilemma: market guidance or Fed independence.
- Tensions on oil… but Yttrium may matter more.
- A new geopolitical honeymoon?
- Corporate bonds accelerate in China, but not the credit overall.
More Global Macro on: https://swingandrythm.substack.com/
... and Yieldstasher, SARIM's sister organization: https://yieldstasher.ai/
About SARIM (Swing & Rhythm Investment Managers):
Swing & Rhythm Investment Managers (operating as SARIM - Swing And Rhythm Investment Managers GmbH) is an independent Swiss-based asset management advisory firm headquartered in Zug, Switzerland. Founded in 2025, the firm is managed by Yann René Lepape and focuses on global macro cycle-based investment strategies.
About SGT Markets:
SGT has been helping clients and partners capitalise on multi-asset trading and investing opportunities for nearly 20 years. A history that has enabled us to achieve significant milestones on our journey from a small trading company to the international trading and investment group we are today.










