Greetings,
The United States: Shares of homebuilders have sold off sharply.
Rates: Here is the 10-year Treasury total return around the start of Fed cutting cycles.
Europe: Are markets too dovish on the ECB policy rate trajectory?
China: The stock market started the year with a sharp decline.
Emerging Markets: Increased trade barriers could weigh on EM currency performance.
Equities: The composition of the S&P 500 has increasingly tilted toward innovation sectors, with growth coming at the expense of manufacturing. This shift reflects the broader transformation of the US economy toward technology and services.
Global Developments: This scatterplot shows economic vs. inflation surprises across developed markets.
Food for Thought: Optimism for 2025 by country:
Edited by William Villacis
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