The United States: Evidence for a broad-based increase in US wage growth remains elusive for now. Here is the Atlanta Fed’s GDP tracker for full-time employees.
Nevertheless, economists remain convinced that it’s only a matter of time. Margan Stanley points out that with no slack left in the labor markets, hourly earnings will accelerate shortly.
Americans with a college degree expect their wages to improve faster over the next year. Also, older Americans are now more confident about getting paid more a year from now.
Equity Markets: The number of daily market moves of at least 1% is back to more “realistic” levels.
Emerging Markets: Here is another comparison of the latest EM rout to the “taper tantrum” period.
Credit: The US government’s GSE debt guarantees have resulted in a massive off-balance-sheet exposure, which continues to climb.
Eurozone: A slowdown in the PMI measures doesn’t always translate into a GDP dip.
Rates: The LIBOR-OIS spread continues to ease as LIBOR turns lower.
Energy: Shanghai’s crude oil futures remain between Brent and WTI.
Food for Thought: Top lobbyists.
Edited by Joseph N Cohen
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