From Hormuz To Hawks: August Ends With Dollar Down, Stocks & Yields Up, Anti-Fiat Assets Best

August was supposed to be a sleepy, illiquid month.

Instead, investors were whipsawed between record corporate earnings, a shock contraction in US payrolls, persistent inflation, a global bond revolt, Treasury intervention, a flip-flopping Fed head, and renewed fighting around the Strait of Hormuz.

Earnings Gave The Equity Bulls Their Fundamental Alibi