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In economics, things take longer to happen than you think they will, and then they happen faster than you thought they could.
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Category Archives: Charts
Who Is Funding The U.S. Budget Deficit?
Here is a little teaser for our coming post on the Treasury market, which should be out tomorrow. The latest data is from the Flow of Funds just posted by the Federal Reserve Board (FRB). Note, less gold (Fed) and … Continue reading
Posted in Capital Flows, Charts, Debt, Fiscal Policy, Politics, Uncategorized
Tagged Central Banks, Deficits, QE, Who is Funding the budget deficit
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Italy’s North-South Economic Divide – France24
Italy 10-year closed at 1.88 percent today, 6.7 bps wider versus the 10-year bund for the week, but still 14 bps tighter year-to-date. The Italian 10-year government bond is 112 bps through the U.S. 10-year note yield, and the country … Continue reading
Posted in Bonds, Charts, Interest Rates, Italy, Uncategorized
Tagged bonds, Italy, Politics
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Prepare For Much Higher Long-Term Rates
There has been a huge drain of liquidity from the U.S. Treasury market over the past few years, and may signal a structural change to how the United States finances budget deficits. The government will always find a way to … Continue reading
Posted in Bonds, Charts, China, Credit, Geopolitical, Interest Rates, Sovereign Debt, Uncategorized
Tagged Capital flow, Greenspan, Interest rates, U.S. Treasury bonds and notes
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Week In Review – February 2
No poetry, no prose in the Week In Review. We gave you plenty to munch on this past week and today is a holy day, Super Bowl Sunday. We posted many warnings about the events of last week and how … Continue reading
Supply (lack of ) Driven Bull Market
I had an interesting conversation with an economist friend this morning about inflation and excess capacity. He sees no evidence of excess capacity in the U.S. economy, including the service sector, where he cannot find, say, a plumber for hire … Continue reading
Posted in Charts, Equities, Inflation/Deflation, Uncategorized
Tagged Asset Markets, Buybacks, IPOs, Stocks, Wages
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Five markets charts for investors – FT
The FT markets team’s focus this week: a Chinese stocks rally, the sovereign debt market being crowded by central banks’ bonds re-purchasing programmes, trades with zero yield climb to $11tn, and US money supply growth might mean the bull market … Continue reading
COTD: Emerging Markets Are The Future
In case you missed it, emerging market and developing economies, based on purchasing power partity international dollars, now exceed the advanced economies (AEs). They crossed the Rubicon in 2007 and even excluding China will exceed in the AEs next year … Continue reading
Posted in Charts, China, Economics, Uncategorized
Tagged Advanced Economies, Emerging Markets, GDP, Purchasing Power Parity
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COTD: China Levers Up As ROW Does Opposite
We knew that credit expansion is the mother’s milk of economic growth, but even this chart surprised us. The global nominal private non-financial debt level x/ China has been flat since 2008. As in flat in nominal terms not as … Continue reading
Posted in Chart of the Day, Charts, China, Debt, Uncategorized
Tagged China, Globlal non-financial private debt
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COTD: Young Adults (18-34) Living At Home
(COTD = Chart of the Day) Source: U.S. Census
Gone Fishin’
See you in a week or two. Look for some large sigma event, which is always the case when we are off the desk. I will try to work off the “fat tails’ on holiday. Have a great holiday, folks!
