The Nasdaq 100 total return index closed at a new all-time high yesterday for the first time since December 27, 2021 (715 days)
S&P 500 total return index is 3 bps away from a new all-time closing high. Source: Charlie Bilello
Who owns US Treasuries? For the first time since 1998, the private foreign sector now holds more US Treasuries than the official foreign sector
For 25+ years, the biggest foreign holders of US Treasuries were central banks around the world. However, this has now changed. reasons? QT but also foreign central banks buying less US Treasuries. Meanwhile, yield starving private investors keep accumulating US Treasuries. Source: Apollo, The Kobeissi Letter
Monetary policy is now easing globally - and will ease much more in 2024/25 - at a time when fiscal deficits are far above the global financial crisis levels
Source: BofA
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US CPI has moved down from a peak of 9.1% in June 2022 to 3.1% today
What's driving that decline? Lower rates of inflation in Fuel Oil, Gas Utilities, Gasoline, Used Cars, Medical Care, Apparel, New Cars, Food at Home, Electricity, and Food away from Home. Shelter and Transportation are the only major components that have a higher inflation rate today than June 2022. Source: Charlie Bilello
The share of workers voluntarily quitting their jobs is down to 2.3%
This is the lowest since January 2023 and down from 3.1% prior to the Fed started rate hikes. Weaker labor demand will be the theme of 2024 as job growth slows and rates stay higher for longer. Furthermore, as excess savings have now been depleted, consumers are more reliant on holding a job. Source: The Kobeissi Letter
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Source: Creapills
