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20 Jun 2023

The US Housing Market Index rose for the 6th consecutive month, moving above 50 for the first time since last July.

Homebuilder confidence increasing due to extremely low levels of existing inventory (new homes representing a larger share of overall supply). Source: Charlie Bilello

20 Jun 2023

China's central bank cuts the banks' 1-Y and 5-Y Loan Prime Rate #LPR by 10 bps for the first time since August

The People’s Bank of China cut two more key lending rates on Tuesday for the first time in 10 months to prop up growth in the world’s second largest economy. The Chinese central bank cut the one-year loan prime rate by 10 basis points from 3.65% to 3.55%, and trimmed the five-year loan prime rate by 10 basis points from 4.3% to 4.2% — for the first time since August. Source: CNBC

15 Jun 2023

The rate hikes marathon

Since the start of 2022: The Federal Reserve has raised its benchmark rate 10 times to 5.25% from 0.25%. The Bank of England has hiked its key rate 11 times to 4.5% from 0.25%. The European Central Bank increased its seven times to 3.75% from 0%. Source: Ignacio Ramirez Moreno

15 Jun 2023

Treasury longs extend

The latest JP Morgan client survey shows the most outright long positions since 2019. Source: Bloomberg

15 Jun 2023

NYSE Airlines Index rallied to hit another new 52-week high yesterday

Source : J-C Parets

14 Jun 2023

ECB Balance Sheet is almost unchanged ahead of this week's meeting.

Total assets now at €7,714.4bn, equal to 57% of Eurozone GDP vs Fed's 32%, SNB's 121%, BoJ's 130%. Source: HolgerZ, Bloomberg

14 Jun 2023

Turkish Lira disastrous performance in one chart

Turkish Lira (blue) is down -55% in the last 10 years in real terms. That's worse than Sri Lanka (pink), which is down -27%, and worse than Pakistan (orange), which is down -8%. Chart also shows Brazil undervaluation. These are all commodity importers. Brazil doesn't belong here. Source: Robin Brooks

14 Jun 2023

AI is the new buzz

“Artificial Intelligence” as a percentage of Total Bloomberg news is skyrocketing and nears “Internet” news during the 2000 bubble. Source: Michael A.Gayed

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