The United States: How will the latest tariff increases impact consumer inflation?
China: The latest increase in China’s exports was driven by US firms “frontloading” orders ahead of tariffs.
The Eurozone: Italy benefitted tremendously from the ECB’s TLTRO program (chart below) as lending rates contracted (second chart below).
Equities: Market timers have become extremely pessimistic.
Rates: Treasury note and bond issuance is expected to climb further next year.
Emerging Markets: The economic situation in Venezuela continues to deteriorate.
Global Developments: Global Q3 GDP estimates point to a slowdown while manufacturing activity falls below the long-term average (second chart below).
Food for Thought: US gasoline and healthcare expenditures by income:
Edited by Joseph Cohen
What We’re Reading: The Kobeissi Letter
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