The United States: The spread between Conference Board’s “Jobs Plentiful” and “Jobs Hard to Get” indices points to a faster wage growth ahead.
The voluntary quits rate tells a similar story.
Equity Markets: US Q1 corporate earnings growth has outperformed that of other developed economies (EAFE).
The United Kingdom: The UK’s CPI should continue to slow, even as the service-sector inflation picks up.
The World Price Index for the UK also points to a near-term moderation in the CPI.
Energy Markets: The US pipeline infrastructure bottleneck is becoming acute as the spread between Brent and the Permian crude blows out.
Emerging Markets: Business sentiment has worsened across EM economies, suggesting slower growth ahead.
Eurozone: Here is the detail of Germany’s business confidence report from the Ifo Institute.
Rates: Switching from inflation targeting to “price-level” targeting by the Fed may not be such a great idea. In the current environment, for example, the Fed would have to run the economy “hot” for years to compensate for inflation being below target over such an extended period.
China: Is the demand for dollar-denominated Chinese corporate debt about to slow?
Credit: Muni fund flows have turned negative again.
Food for Thought: Online grocery shopping.
Edited by Joseph N Cohen
To receive the Daily Shot Premium, you need to be a subscriber to The Wall Street Journal. The Daily Shot readers qualify for a special membership offer of $1 for 2 months and can join simply by clicking here.
If you are already a WSJ member, you can sign up for The Daily Shot at our Email Center by clicking here.
The Daily Shot Premium is also available online at DailyShotWSJ.com
If you have any issues at all, please contact a Customer Service representative by calling 1-800-JOURNAL (1-800-568-7625) or sending an email to email@example.com.
Thanks to Josh Marte (@joshdigga), Matt Garrett (@MattGarrett3), Joseph Cohen (@josephncohen), Ycharts.com, S&P Global, and Moody’s Investors Service for helping with the research for the Daily Shot.
We would also like to thank the Federal Reserve Bank of St. Louis for the incredible job they have done providing data and graphics to the public. Here is the credit and legal notice related to all FRED charts: FRED® Graphs ©Federal Reserve Bank of St. Louis. All rights reserved. All FRED® Graphs appear courtesy of Federal Reserve Bank of St. Louis. http://research.stlouisfed.org/fred2/
Contact the Daily Shot Editor: Editor@DailyShotLetter.com