5 things you HAVE to watch in Global Macro
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1) The Chinese reopening..
A pick up in Chinese credit creation (light blue reversed) is bad for the USD
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A pick up in Chinese credit creation (light blue reversed) is bad for the USD
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2) Cooling inflation
SMEs in the us hint of cooling price plans, which point to inflation in the 3% area already soon
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SMEs in the us hint of cooling price plans, which point to inflation in the 3% area already soon
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3) Recession pricing
This is the BIGGEST rate cut bet on record (since 1998) in forward data .. Is the recession consensus an issue for all of the bearishness out there?
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This is the BIGGEST rate cut bet on record (since 1998) in forward data .. Is the recession consensus an issue for all of the bearishness out there?
4/n
4) The debt ceiling
The US Treasury will have to bring down its cash buffer ahead of the debt ceiling deadline.. Private banks will be on the receiving end of the liquidity
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The US Treasury will have to bring down its cash buffer ahead of the debt ceiling deadline.. Private banks will be on the receiving end of the liquidity
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5) USD liquidity
The liquidity outlook looks relatively decent - especially in February/March..
Look at the correlation to S&P 500
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The liquidity outlook looks relatively decent - especially in February/March..
Look at the correlation to S&P 500
6/n
This was an extract from our "5 things we watch" series on -> stenoresearch.com
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Find out how to receive the updates right here -> stenoresearch.com
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