Greetings,
The United States: The number of Americans not working due to illness has declined in recent years (higher wages pull more people into the labor force).
China: Credit expansion continues.
The weakness has been in non-bank credit.
The Eurozone: When is the ECB’s “liftoff”?
Rates: Will the massive global debt load slow the Fed’s rate hike trajectory?
Equities: While bank shares tend to trade with the slope of the yield curve, there doesn’t seem to be a direct relationship between the 10yr-2yr Treasury spread and net interest margins.
Emerging Markets: This chart provides a detailed history of EM crises by region and type.
Food for Thought: Old-age dependency ratio:
Edited by Joseph Cohen
What We’re Reading: The Kobeissi Letter
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Thanks to Josh Marte (@joshdigga), Matt Garrett (@MattGarrett3), Joseph Cohen (@josephncohen), Ycharts.com, S&P Global, and Moody’s Investors Service for helping with the research for the Daily Shot.
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