Greetings,
The United States: The January Markit PMI report on US business activity shows some divergence between manufacturing and services.
The Eurozone: There are signs of higher inflation down the road.
• The price component of the PMI report:
• The PMI “delivery times” index:
Equity Markets: Pension funds keep reallocating out of stocks and into bonds.
Credit: New loans continue to flex lower as the demand for yield product remains robust (for the definition, see “Price-Flex” here).
Emerging Markets: The JPMorgan EM Currency Index has fully recovered from the recent declines.
Global Developments: We should be switching from quantitative easing to quantitative tightening across the largest central banks in 2019.
Food for Thought: Teens using pot.
Edited by Joseph N Cohen
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