The Daily Shot Brief – October 16th, 2019



The United States: While household leverage (debt-to-income) is low compared to pre-recession levels, we should pay more attention to financial obligations, which include rent. The green line below shows that households’ total financial liabilities are now much larger relative to debt obligations.

Source: Morgan Stanley Research


United Kingdom: Credit quality is declining for UK consumer services companies.

Source: Credit Benchmark

Producer price inflation has moved deeper into negative territory, which is pressuring industrial profits.

Source: The Daily Shot


Energy: US crack spreads have widened recently, boosting refinery margins.

Source: The Daily Shot


Rates: The Fed’s bill purchases (boosting reserves) are a longer-term “replacement” for the repo financing.

Source: Gavekal


Food for Thought: Manhattan housing market:

Source: @WSJ; Read full article

Edited by Daniel Moskovits

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