The Daily Shot Brief – April 25th, 2018




The United States: The spread between Conference Board’s “Jobs Plentiful” and “Jobs Hard to Get” indices points to a faster wage growth ahead.

Source: @jsblokland

The voluntary quits rate tells a similar story.

Source: Deutsche Bank Research
Source: Deutsche Bank Research


Equity Markets: US Q1 corporate earnings growth has outperformed that of other developed economies (EAFE).

Source: Credit Suisse


The United Kingdom: The UK’s CPI should continue to slow, even as the service-sector inflation picks up.

Source: Pantheon Macroeconomics

The World Price Index for the UK also points to a near-term moderation in the CPI.

Source: World Economics


Energy Markets: The US pipeline infrastructure bottleneck is becoming acute as the spread between Brent and the Permian crude blows out.

Source: @markets; Read full article


Emerging Markets: Business sentiment has worsened across EM economies, suggesting slower growth ahead.

Source: IIF


Eurozone: Here is the detail of Germany’s business confidence report from the Ifo Institute.

Source: ifo Institute; Read full article


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.

Source: Deutsche Bank Research


China: Is the demand for dollar-denominated Chinese corporate debt about to slow?

Source:, h/t Paul Menestrier; Read full article


Credit: Muni fund flows have turned negative again.

Source: Piper Jaffray


Food for Thought: Online grocery shopping.

Source: @gadfly; Read full article



Edited by Joseph N Cohen

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