The government debt maturity wall
Bloomberg thru Jeroen Bloklan / M_McDonough
MAP OF THE DAY: Sometimes, a picture is worth a thousand words. Container ships heading toward Europe and/or North America, with almost all avoiding the Red Sea (red)
More than two weeks after the launch of US-led 'Prosperity Guardian', the Houthis still rule in the Red Sea. Source: Javier Blas
Remember, nearly all of the S&P 500 ETF's $SPY gains since its inception have come from the day after down days. A good reminder after the two red days we've seen to start the year
Source: Bespoke
A remarkable chart. The sector composition probably does not explain everything
Source: Michel A.Arouet
FED meeting minutes key takeaways:
1) rates likely at or near their peak 2) 2pct inflation target is maintained 3) monetary policy is likely to stay restrictive for some time 4) clear progress has been made on inflation (dixit the Fed) 5) see rate cuts by the end of 2024 FOMC views continue to diverge from market expectations (2x more rate cuts are currently priced vs. Fed guidance) Source: CNBC, The Kobeissi Letter
Volatility on bitcoin is likely to increase as conflicting news regarding a bitcoin spot ETF approval by SEC continue to come out
Uncertainty.
The international role of the US dollar in one chart
Source: JP Morgan
US Interest expense ~$1.1 trillion as of today
That's $250BN more than the Defense Budget; $250BN more than spending on Medicare, $200BN more than spending on health, and will surpass the $1.35 trillion spending on Social Security this year, becoming the single biggest outlay Source: www.zerohedge.com
