SUMMARY OF US MARCH ADP JOBS REPORT:
1. The U.S. economy added a higher-than-expected 184,000 jobs in March, as per ADP, easily beating forecasts for +148,000. 2. The number of monthly job gains was the highest in eight months (July 2023) 3. February number was also revised upwards. 4. Wage growth accelerated for those who changed jobs, rising +10% from a year earlier. Key Takeaway: The pickup in jobs growth supports the case that the labor market remains strong, and the economy continues to hold up better than expected. The ADP report does not point to imminent Fed rate cuts as markets continue to push back the timing of the first move. Source: Jesse Cohen, Trading Economics
The Bitcoin halving is now only about 16 days away 👀
https://bitbo.io/halving/ Source: Bitcoin Magazine
The era of fiscal dominance
source: MacroAlf. Inflation-adjusted US fiscal deficits popping up at: - World War I - World War II - Great Financial Crisis - Covid - 2023 Find the outlier...
All these US representatives are outperforming Warren Buffet...
Source: Snowden on X
Eurozone inflation cools, setting stage for June rate cut:
Headline CPI slowed to 2.4% YoY in March from 2.6% in February below consensus forecast of 2.5%. Core CPI slowed to 2.9% from 3.1%, again below economists' expectations to reach lowest level in >2yrs. But there were signs that inflationary pressures have yet to ease in labor-intensive parts: Service Price inflation +4.0% YoY, unch from 4 preceding mths. (via DJ, Bloomberg thru HolgerZ).
Is there a chance for the us to start slowing down the pace of debt increase?
Well... think about this: "I'm the king of debt. I'm great with debt. Nobody knows debt better than me." - Donald Trump Source: Ronald-Peter Stoeferle, CMT, CFTe, MSTA
The Imminent Inclusion of Indian Sovereign Bonds in EM Bond Indices is Attracting Huge Foreign Inflows👇
Source: Neha Sahni, JP Morgan
Gold is soaring while Bitcoin – digital Gold – is slumping?
Bitcoin has shown itself to be more correlated w/risk-sensitive assets. Over the past 3yrs, Bitcoin has the highest monthly correlation w/Mag7 at 0.63. Correlation between Bitcoin and Nasdaq 100 is 0.58, between Bitcoin and S&P 500 is 0.54. Correlation between Bitcoin and Gold is very low at 0.23 - at 1 link would denote the two assets trade in sync. (HT @barronsonline) - HolgerZ, Bloomberg
