The United States: US transport/logistics prices continue to climb.
China: Bank lending rates have been unusually high relative to money market rates.
The Eurozone: Part of the reason for the euro area’s equity underperformance is the weakness in the “administered” (state-controlled) sectors. Slower GDP growth has also been a factor.
Equities: Does the latest trend in the US household net-worth point to a bubble in financial assets?
Rates: Industrial metals and Treasury yields have diverged. This trend partially reflects the divergence between the US and China’s economic (and monetary policy) trajectories. Rising US deficits/issuance also contributed to this gap.
Emerging Markets: What do PPP models tell us about the relative valuation of EM currencies?
Cryptocurrency: Bitcoin volatility continues to moderate.
Food for Thought: “Entry-level” jobs require 3+ years of experience.
Edited by Joseph Cohen
What We’re Reading: The Kobeissi Letter
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