Category Archives: Uncategorized

Today’s release of the U.S. Treasury International Capital (TIC) flows data highlights a continued trend of foreign central banks reducing their holdings of U.S. notes and bonds, albeit at a notably decelerated pace. Between June ’22 and June ’23, foreign … Continue reading →

Stunning.  Not far from the electric trolley buses with motors powered by electricity from overhead wires that I used to ride to work in San Francisco.

The Treasury released the latest budget data earlier today, which shows the 12-month rolling deficit at $2.3 trillion or 8.4 percent of GDP.  We are confused as to how many are worried about the deficit coming in at 6 percent … Continue reading →

COTD = Chart of the Day Stunning demographic data from Japan.  The country’s bear market in babies almost matches its 30-year plus bear market in stocks, where the Nikkei 225 is still 17 percent below its December 29, 1989 price … Continue reading →

They will beat their swords into plowshares and their spears into pruning hooks. – Book of Isaiah

The global manufacturing sector remained mired in contraction at the start of the second half of the year. July saw output decline further as the downturn in new order intakes was extended to a thirteenth consecutive month. Manufacturing production decreased … Continue reading →