Greetings,
Global Developments: Despite the recent bounce, inflation swap markets still expect the CPI to remain subdued for years to come.
United States: Credit card borrowing declined sharply this year. Households cut back spending while the government offered generous support.
In the first quarter, Northeast states saw a sharper GDP contraction than the rest of the country.
Eurozone: This chart shows ECB asset purchases.
Equities: The biggest companies by market cap are the most expensive and have the highest returns this year.
Rates: The US government just auctioned off the 10-year Treasury notes at a record low yield.
The market is not concerned about massive deficits.
Food For Thought: The world’s worst coronavirus outbreaks:
Edited by Daniel Moskovits
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