Episódios
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Could mean less demand for traditional EZ sovereign debt, especially as France risks a downgrade from S&P.
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Also: credit spreads are tight and stable. It was quiet - too quiet…. And CMBS takes its first big hit since the GFC.
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Estão a faltar episódios?
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And it’s not just because of July’s General Election - service sector inflation is too strong. 💪
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Does that mean global growth is reaccelerating?
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And Biden puts 100% tariffs on Chinese EVs.
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Aggregate US stats are now disappointing- although the rest of the world is doing OK.
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Also: Swedish rate cut, and no more excess savings left in America.
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2 year US Treasury bond yields drop from 5% to 4.75% in 2 days.
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And H5N1 (Bird Flu) starts to get attention in financial markets. Gulp.
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Also: yen intervention at last? And US immigration at 3 million per year.
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Ben Bernanke v the Bank of England.
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Looser Fed, so Barclays says ‘buy TIPS’.
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The BoJ is expected to hike for the first time since 2007 later this week. And the Fed might signal a higher r* via the ‘dot plot’ at this week’s FOMC.
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And in credit-land, the NIP (New Issue Premium) has turned negative!
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The latest US jobs numbers reinforced the market’s view that the economy is resilient, but not re-accelerating.
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