The Daily Shot Brief – January 24th, 2020



United States: CPI volatility is low relative to asset price volatility. According to Morgan Stanley, dovish Fed policy chasing higher inflation is more likely to result in higher asset price inflation before we get to higher consumer inflation. And that could pose a risk to financial stability.

Source: Morgan Stanley Research


China: Although local state-owned enterprises (SOEs) are deleveraging, SOEs owned by the central government remain highly leveraged.

Source: Gavekal


Emerging Markets: Easier monetary policy in EM is expected to boost economic activity.

Source: @topdowncharts; Read full article


Equities: There’s been no meaningful rebound in the overall US equity fund flows.

Source: JP Morgan, @themarketear

But tech fund inflows are soaring.

Source: BoFAML, @TayTayLLP


Rates: The Fed’s recent T-Bill purchases have been brisk. The central bank’s monthly changes in Treasury securities holdings are shown below.

Source: The Daily Shot


Food for Thought: Republicans’ preferences for 2024:

Source: @axios; Read full article

Edited by Daniel Moskovits

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