Good morning. I just dropped off Kid B at university, and it occurred to me that the freshers now entering higher education are the cohort made around 2008 — the GFC Generation. They will have the same non-memory of that as their parents have of, say, the oil shock of the 1970s or the UK's 1976 IMF bailout (Rob, who is very old, remembers the oil shock). Given that the seventies generation is now replaying expensive petrol, inflation and big deficits, should we worry about the youngsters rerunning the financial crisis in a few years' time?

For all the excitement in global macro this year, major currencies are largely asleep at the wheel. Deutsche Bank points out that if the euro stays in the $1.13-to-$1.20 range it has inhabited since mid-2025, that will make for the tightest range on record for the world's most actively traded currency pair. On the euro specifically, you can see why this is happening. Inflows are helping the currency, while rate differentials are hurting it.

Meanwhile, Canada is in a full-blown trade/diplomatic spat with the US, not that you can tell from looking at the currency. The only excitement really, among the majors, is in the Japanese yen, and even then, the decline has been mostly orderly. Some of it must have to do with the US dollar still being the world's cleanest dirty shirt... But a bit more excitement would help out Scott "The House" Bessent.