Global central banks – especially emerging markets – far more involved this cycle – a thesis we presented on @MacroVoices with @ErikSTownsend / must follow. pic.twitter.com/MLonpkIwBr
— Lawrence McDonald (@Convertbond) February 3, 2022
"We are not behind the curve."#Inflation pic.twitter.com/VW7yB2fENb
— Lawrence McDonald (@Convertbond) February 3, 2022
Relentless pic.twitter.com/THYN10DNxn
— The Market Dog (@TheMarketDog) February 8, 2022
Bonds selling off…
Keep in mind the Fed was buying the entire issuance. Same for the ECB.
Also there was >1 TN in the TGA.
Then it was fully used.So no the treasury is issuing bonds that nobody wants to buy…
— The Market Dog (@TheMarketDog) February 8, 2022
A plummet in European bond prices on the prospect of the European Central Bank withdrawing its stimulus has erased two-and-a-half years of gains t.co/9Qj36JJfMR
— Bloomberg Asia (@BloombergAsia) February 8, 2022
*South Korean export growth has been steadily declining since fall/2021 ~ indicating slowing global growth
Note that historically South Korean exports have been a key leading indicator of global economic health (via EPS + exports)
IMO the peak was 2021 – now a slow descent down pic.twitter.com/X6vR97mn0m
— Adem Tumerkan (@RadicalAdem) February 8, 2022
$spx vs balance sheets pic.twitter.com/i2ijWuAo5i
— Álvaro Oviedo (@alvoviedo) February 8, 2022
Striking chart from Goldman showing the scale of net outflows from euro zone bonds since negative rates were introduced in 2014 – almost €3 trillion, worth around 23% of euro zone GDP.
"The euro is both undervalued (at least vs USD) and under-owned," Goldman says. pic.twitter.com/QoNQKOebrf— Jamie McGeever (@ReutersJamie) February 8, 2022
CHART OF THE DAY: Who Gets You Out? t.co/DIxJMgZNJg via @hedgeye
— Keith McCullough (@KeithMcCullough) February 8, 2022
The Most Small Businesses Since 1974 Are Raising Prices Due to Inflation, NFIB Says: MW
The number of small businesses that raising prices on customers in January rose to a 48-year high, reflecting higher costs of labor and materials amid the biggest surge in U.S. inflation since the early 1980s.
Net Earnings Guidance for Companies Has Turned Most Negative Since 2009
Net earnings guidance for companies has turned most negative since 2009, per index constructed by @biancoresearch @Bloomberg
Almost $3 Trillion Wiped From Negative-Yielding Bonds
The global stockpile of negative-yielding bonds has dropped to the lowest level in more than six years — with almost $3 trillion making the leap back into positive-yield territory in just two days last week — in one of the most visible indications yet that the era of easy money is coming to an end.