So far, in fiscal year 2023, the US government has a total deficit of $1.393 TRILLION.
In June 2023 alone, the deficit was $228 billion, up from just $88 billion in June 2022. On average, the US deficit has risen by ~$155 billon per MONTH in FY2023. At the current rate, total US debt would rise by $18.5 TRILLION in 10 years. Source: The Kobeissi Letter
Options open interest, iShares 20+ year treasury bond etf
Call Open Interest in the iShares 20+ Year Treasury Bond ETF $TLT is more than triple the OI for Puts signaling that options traders are betting that interest rates are primed to drop. Source: Barchart
Economists polled by German research institute Ifo expect global inflation to avg 7% in 2023, before slightly easing to 6% in 2024.
The avg expectation of 4.9% for the long term until 2026 is still high, Ifo said, though marginally below the 5% estimate in Q1. Lowest level of inflation expectation was recorded in Europe, yet economists do not expect the rate to return to ECB's 2% target by 2026. Source: HolgerZ, Bloomberg
Corn and Wheat are top crops shipped under the deal
Russia ended the agreement that ensured the safe passage of almost 33 million tons of crop exports almost a year into its run, heightening uncertainty over global food supplies. Source: Bloomberg
In China, the unemployment rate among young people ages 16 to 24 was 21.3% in June
A new record.
Bitcoin is currently the 12th most valuable asset on planet Earth, and this is after only 14 years of life and a 74% bear market decline.
Source: Oliver L. Velez
Wheat futures jump 3.5% as Ukraine grain deal collapses w/Russia refuses to extend it
The move jeopardizes a key trade route from Ukraine, one of the world’s top grain and vegetable oil shippers, just as its next harvest kicks off. Source: Bloomberg, HolgerZ
The EV industry comprises three essential components: lithium producers, parts manufacturers, and EV manufacturers.
Looking ahead, it is likely that electric motors and lithium batteries will become prevalent in all cars. Source: Genuine Impact
