Greetings,
The United States: Overall, American’s net-worth has been climbing, but the improvements have been highly uneven.
That’s why the mean net worth is now above the pre-recession peak, while the median is not even close. The two indicators have completely diverged.
A big part of the disconnect has to do with the ownership rates of stocks and houses being sharply lower for the less-wealthy groups.
China: Dollar-denominated bond issuance spiked this year.
The Eurozone: The ECB left its monetary policy unchanged but upgraded the GDP forecasts: +0.5% for 2018 to 2.3% and +0.2% for 2019 to 1.9%. The 2020 growth is projected to be 1.7%. The central bank raised its inflation forecast slightly (due to higher oil prices) but left the core CPI unchanged.
Credit: Outflows from leveraged loan funds continue.
Emerging Markets: Brazil’s retail sales have bifurcated between industries that are sensitive to income vs. those sensitive to credit.
Bitcoin: The number of cryptocurrencies spiked this year.
Food for Thought: Lying on your resume.
Edited by Joseph N Cohen
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