Greetings,
The United States: BofA’s Regime Indicator suggests that the economy has entered a downturn.
Credit: US bank loan balances declined again at the end of last month.
MBS balances plummeted.
Equities: Cyclical stocks’ relative performance has diverged from the ISM PMI (not pricing in the downturn).
Emerging Markets: Pakistan’s international bonds remain under pressure amid uncertainties around IMF funding and political instability.
Global Developments: China’s credit expansion tends to be a headwind for the US dollar.
Supply chain pressures continue to ease.
Food for Thought: Lastly, here are price trends for monkeys in laboratory research:
Edited by William Villacis
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