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Looking for deeper insight into markets? In tonight’s Closer sent to Bespoke Institutional clients, we lead off with a recap of the June FOMC meeting minutes and what some proxies of retail risk sentiment are showing (page 1). We then dive into commodity markets including a look at the steady rise of cattle prices and drops in cocoa and coffee (page 2). Next, we look at deflation in GPU costs (page 3) and “picks and shovels” plays for that space (page 4).  We then finish with a note comparing the housing bubble to AI stock valuations in addition to some commentary on the rising economic importance of Prime Day (page 5).

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