United States: The April ISM Manufacturing PMI unexpectedly pulled back from the highs. While factory activity remains exceptionally strong, there are signs that supply-chain bottlenecks are becoming a drag on production and employment.
Europe: Just like in the US, European supply chains are strained (2 charts).
Emerging Markets: Colombia’s finance minister quit, spooking the markets.
The stock market:
Equities: Trend in big tech stocks’ revenue growth:
Rates: Massive liquidity continues to depress money market rates. Here is the 12m T-Bill – OIS spread.
Will the Fed be forced to adjust IOER to bring the fed funds rate toward the middle of the range?
Food For Thought: Maritime choke points:
Edited by Devon Lall
Contact the Daily Shot Editor: Editor@DailyShotLetter.com