Greetings,
Rates: The Fed’s balance sheet normalization (quantitative tightening) lasted about 21 months. Some 40% of this reduction has been reversed in just over two months.
Credit: The ratio of high-yield (HY) to investment-grade (IG) spreads is climbing. It tells us that HY debt is underperforming IG on a spread basis.
Equities: This chart shows cash and short-term investments per share for the S&P 500 firms.
Much of that cash went into share buybacks and dividends.
United States: The Bloomberg Consumer Comfort Index continues to fall.
Global Developments: ANZ’s global market sentiment index is near recent “euphoric” highs.
Food for Thought: Millennials’ vs. nonmillennials’ time spent on leisure and sports activities:
Edited by Daniel Moskovits
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