About capitalism
Source: AZ Quotes
With interest rates on the rise and monetary conditions tightening, US corporate bankruptcies are finally starting to tick higher
Source: Bloomberg, Crescat Capital
For the first time, more money was raised in the debt markets for climate-friendly projects than for fossil-fuel companies
Source: Bloomberg, Michael Jackson
The US Unemployment Rate moved down to 3.5% in December, the lowest rate we've seen since 1969
There were both dovish and hawkish news in the December US job report. DOVISH -> Average hourly earnings is +0.3% MoM, lower than expectations (+0.4%) and lower than previous month (+0.4% revised lower from +0.6%). On a yearly basis: +4.6% vs. 5.1% expected and +4.8% in November. This is the lowest y/y growth since August 2021. HAWKISH -> Job growth is 223k which is lower than in November and higher than expected (200k). Unemployment rate dropped to 3.5%, which is the lowest since 1965... It is quite remarkable to see unemployment rate going lower after several quarters of rate hikes... BOTTOM-LINE The Fed job is not over. They will continue hiking rates as long as job growth stays above 200k per month, unemployment rate at record low and wage growth still meaningfully above 2% y/y. Source chart: Charlie Bilello
The main reason for BoJ to exit yield curve control (YCC)
Main reason for BoJ to exit yield curve control (YCC) is that it's had to buy unsustainably large amounts of JGBs to cap yields as global interest rates have risen. But the slow exit from YCC is now having the opposite effect. BoJ holdings of JGBs (red) are through the roof... Source: Robin Brooks
BlackRock halts withdrawals from $4.2 billion U.K. property fund
BlackRock has suspended withdrawal requests from investors in its £3.5 billion ($4.2 billion) U.K. property fund, in a move that highlights the sector's ongoing challenges when markets are volatile. The world's largest asset manager told clients in the BlackRock UK Property Fund in the past few days that it will defer redemption requests made at the end of September 2022 and due around now, according to a person familiar with the matter.
Inflation...
weekend humor...
It seems ChatGPT is disrupting Internet. Now, it is Google the one that can be disrupted.
Welcome to You.com the first app that combines ChatGPT connected to Google
