The United States: Over the past year, labor force participation has declined in more “red” than “blue” states. There are multiple explanations for this, including (in some instances) an older population, fewer opportunities (especially in rural areas), and opioids.
A similar picture emerges for the employment-to-population ratio.
Here is Tennessee, for example.
Europe: The UK households remain worried about their future finances.
Credit: CLOs hold more than half of all leveraged loans outstanding.
Equity Markets: Investors remain extremely optimistic.
Emerging Markets: India’s bonds rallied sharply (yields fell) as the central bank decided to forgo a debt sale expected later this week (100 billion rupees). The central bank has been selling debt to sweep liquidity from the banking system (the reverse of QE). The missed bond auction is viewed as a dovish signal.
Global Developments: World trade volumes have risen sharply despite the protectionist rhetoric.
Food for Thought: This year’s “internet minute” graphic.
**Please note that The Daily Shot Brief will not be published this Thursday (23d) and Friday (24th).
Edited by Joseph N Cohen
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