The Daily Shot Brief – May 18th, 2018




The United States: It’s worth noting that rising regional survey price indices (such as the Philly Fed’s data above), don’t necessarily translate into higher consumer inflation.

Source: Bianco Research
Source: Bianco Research

Also, firmer earnings growth in the 2005-07 period did not result in higher core inflation (PCE).

Source: Morgan Stanley Research


Equity Markets: This chart shows sector weights by market cap.

Source: @bespokeinvest; Read full article


Emerging Markets: This chart shows the EM financial conditions indices as a comparison to what took place during the taper-tantrum days.

Source: Capital Economics


Canada: Asylum applications in Canada spiked last year.

Source: @FactTank; Read full article


Eurozone: Euro area’s construction sentiment points to improvement in output later in the year.

Source: Pantheon Macroeconomics


Rates: The 30yr -10yr breakeven spread is now negative. Investors see higher average inflation over the next ten years than during the next 30.

Source: @lisaabramowicz1


Energy: Global oil stockpiles are back below the 5-year average.

Source:, h/t Paul Menestrier; Read full article

Here are the “excess” US inventories.

Source: Princeton Energy Advisors


Food for Thought: Terrorist groups in South East Asia.

Source: BMI Research



Have a great weekend!

Edited by Joseph N Cohen

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