Greetings, United States: The Fed acknowledged economic improvements and higher inflation but sees price gains as “reflecting transitory factors.” Here are the changes from the previous FOMC statement. Moreover, Fed Chair Powell said that “it is not the time to start talking about tapering.” The US central bank remains extraordinarily dovish and entirely focused …
The Daily Shot Brief – April 28th, 2021
Greetings, United States: Restaurants are struggling to find workers as visits rebound. Restaurant wages are going up. United Kingdom: Retail sales jumped this month, according to CBI. China: Investors remain concerned about Huarong’s debt. Will other funds benefit from a regulatory cap on Yu’e Bao (the largest money market fund)? …
The Daily Shot Brief – April 27th, 2021
Greetings, United States: Consumers are concerned about inflation. Will it impact spending? Asia-Pacific: The BoJ downgraded its inflation forecasts, suggesting that the accommodation will stay in place for some time to come. Here is Bloomberg’s take on the BoJ Monetary Policy Board. China: The credit impulse indicator has turned negative, which …
The Daily Shot Brief – April 26th, 2021
Greetings, United States: New home sales surged in March, topping economists’ forecasts. The southern US drove the spike in sales, while activity declined in the West. China: US listings by Chinese companies increased sharply this year. Emerging Markets: In Russia, the central bank hiked rates by 50 bps in response to rising …
The Daily Shot Brief – April 23rd, 2021
Greetings, United States: Let’s begin with the Kansas City Fed’s manufacturing report, which made history this month. The strength of the region’s factory activity is extraordinary. Employment and work-hours indicators soared. Eurozone: Euro-area consumer confidence is approaching pre-crisis levels. Cryptocurrency: Here are the reasons some investors are not getting into cryptocurrencies. …
The Daily Shot Brief – April 22nd, 2021
Greetings, Canada: The Bank of Canada struck a hawkish tone, diverging from the Fed. The loonie and bond yields climbed. United States: Over the past decade, US CapEx has massively deviated from the historical trend, becoming a drag on productivity. Will we see the trend reversing during the current decade? Here are some …
The Daily Shot Brief – April 21st, 2021
Greetings, United States: The semiconductor industry requires significant R&D spending. United Kingdom: Port delays continue to ease. China: The yuan remains a minor component of global F/X reserves. Equities: The most-shorted stocks are lagging again. JP Morgan’s clients have boosted their short positions. Credit: Banks have recouped some of …
The Daily Shot Brief – April 20th, 2021
Greetings, Eurozone: Construction output tumbled in February. China: China’s retail investors lost interest in mutual funds. Commodities: Iron ore is surging amid supply concerns. Rates: Treasury cash holdings are expected to bottom in late Q3, releasing massive amounts of liquidity. Global Developments: Here is Bloomberg’s map of policy rate changes. …
The Daily Shot Brief – April 19th, 2021
Greetings, United States: The U. Michigan consumer sentiment index was below market forecasts, with the expectations component stalling this month. Near-term inflation expectations surged. House buying conditions deteriorated further. Will we see this trend reflected in the housing market? Cryptocurrency: The weekend’s crypto selloff wiped out all of bitcoin’s gains over the past …
The Daily Shot Brief – April 16th, 2021
Greetings, Rates: The unexpected Treasury rally this week set the tone for global markets. Japanese and other international fixed-income investors, who were net sellers earlier this year, are back in the Treasury market. US debt hedged into yen remains relatively attractive. Equities: Despite strong Q1 results (due to trading) … … …
