The United States: The US total labor income (defined below) is a leading indicator for consumer spending, and it accelerated last month.
Equity Markets: Below is a scatter plot of PE ratios vs. Treasury yields.
The United Kingdom: This chart shows the decline in EU citizens migrating to the UK.
Energy Markets: The rig count recovery has been much slower than in previous cycles, but the new rigs are far more efficient.
Emerging Markets: Argentina’s inflation is expected to (gradually) moderate this year.
Eurozone: The Eurozone’s economy is heavily dependent on exports. A global slowdown or a trade war could be devastating.
Rates: The 2005 CBO economic forecast was surprisingly similar to the latest one except for the 10yr Treasury yield.
China: This pie-chart shows the breakdown of China’s household debt.
Credit: After hedging the currency risk, the yield on US investment-grade debt is below that of euro-denominated bonds.
Food for Thought: Millennials have fully recovered from the financial crisis.
Edited by Joseph N Cohen
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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.
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