The United States: Morgan Stanley’s business conditions index moved lower in response to softer business expectations.
The Eurozone: This is not a fair comparison because we are looking at bonds in two different currencies. Nonetheless, it’s worth noting that the 5-year Greek government bond yield is now lower than the US equivalent.
Equities: The passive/active fund flow divergence persists.
China: Pantheon Macroeconomics expects inflation to rise, driven by food prices.
Credit: Leveraged loan flows are correlated with Treasury yields.
Food for Thought: $100 vs. $1 notes in circulation:
Edited by Joseph Cohen
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