A very interesting chart highlighted by Tavi Costa
This is the largest number of workers on strike in the history of the data. As corporate profit margins remain comfortably above their typical averages, it leaves room to absorb increased labor costs. This could contribute significantly to inflation. Source: Tavi Costa
⚠️BREAKING: *SOUTH KOREA TO RE-IMPOSE STOCK SHORT-SELLING BAN THROUGH JUNE
Source: www.investing.com
Last week "pain trade" in one chart
-> Last week's Risk On move has pushed Hedge Funds to cover their shorts, triggering violent short squeezes. The Goldman Sachs Most Shorted Stocks Basket jumped by 13% over the week. Source: Bloomberg, HolgerZ
Central Banks around the world are now cutting rates at the fastest pace in more than 3 years
When will the U.S. follow suit? Source: Barchart, BofA
Morgan Stanley industrial team runs through their conclusions coming out of a choppy earnings season
A double-digit short-cycle slowdown is getting priced in, but ongoing inventory and incremental capex pressures are not. Source: MS, TME
The Fed is now expected to start cutting rates in May 2024
Here's how bonds have performed during prior rate-cutting cycles... Source: Charlie Bilello
The crowd is piling into TLT (iShares US Treasuries 20y+ ETF) calls
Friday was the largest TLT call volume ever. Source: TME, GS
Mortgage demand is now down 50% from pre-pandemic levels and at its lowest level since 1994
From its peak in 2021, mortgage demand is down ~64%. Current mortgage demand is ~75% below the 2005 peak. The most incredible part of this? Mortgage rates are still only at their historical average. Housing market activity is coming to a halt. Source: The Kobeissi Letter
