Greetings,
Equities: What happens to stock prices after the yield curve “un-inverts”?
![](https://thedailyshot.com/wp-content/uploads/EQ-What-Happens-after-uninversion2401301256.png)
The United States: Consumers continue to save less than they did prior to the pandemic (relative to their disposable incomes). The rate has been trending lower since last spring.
![](https://thedailyshot.com/wp-content/uploads/US-Pers-Saving2401301256.png)
Cryptocurrency: Crypto funds saw significant outflows last week, mostly driven by incumbent bitcoin ETF issuer Grayscale.
![](https://thedailyshot.com/wp-content/uploads/BT-12401301256.png)
![](https://thedailyshot.com/wp-content/uploads/BT-1-A-ST2401301256.png)
Rates: The average real Fed funds rate at the first rate cut is 3% (median 2.8%). In this cycle, the real rate could exceed the historical average if inflation continues to decline.
![](https://thedailyshot.com/wp-content/uploads/RA-12401301256.png)
The Eurozone: Falling inflation and soft economic activity point to ECB rate cuts, which could arrive sooner than the market expects.
![](https://thedailyshot.com/wp-content/uploads/EZ-ECB-Cuts2401301256.png)
![](https://thedailyshot.com/wp-content/uploads/EZ-ECB-ST2401301256.png)
Global Developments: The recent rise in global supply chain bottlenecks could slow the decline in inflation.
![](https://thedailyshot.com/wp-content/uploads/GL-22401301256.png)
Food for Thought: The US federal budget:
![](https://thedailyshot.com/wp-content/uploads/VTC-The-US-federal-budget2401301256.png)
Edited by William Villacis
Contact the Daily Shot Editor: Brief@DailyShotResearch.com