The Growth of New Car Prices in the U.S.
Source: Visual Capitalist
One of the most important chart of 2023
Source: FT
LIQUIDITY MATTERS... From QE (Quantitative Easing) to QT (Quantitative Tightening) to QB (Quantitative Balancing) to QE Light
Some interesting views by Andreas Steno Larsen (Steno Research / Macrobond): 2024 Q1 -> While we are celebrating our inflation-progress, Powell and Yellen intend on handing out "Stealth QE / QE light" gifts to the banking system in Q1-2024. Steno Research view is that USD liquidity is likely going to increase massively in Q1 due to a series of technicalities surrounding the BTFP, ON RRP and TGA facilities. These three liquidity adding mechanisms will more than outweigh the QT program (running at a little less than $95bn a month on average), leaving a very benign liquidity picture ahead for Q1-2024. By their estimates, liquidity will increase with $8-900bn until end-March, which almost resembles a QE-light / stealth QE scenario. This will in case be one of the fastest liquidity additions on record, only outpaced during the early innings of the pandemic! If this happens, such a liquidity injection might be a massive tailwind for risk assets...
bitcoin annual returns 2010-2023
Source: Charlie Bilello
Watch prices
Source: www.watchcharts.com
A widening gulf in earnings power between Tech and the rest of the S&P 500
Chart below shows how 2024 earnings expectations for the mega-cap tech and the rest of tech and rest of S&P 500 have been evolving throughout 2023. Source: Barclays, The Market Ear
Bank credit is contracting sharply
This has only happened ONCE in the last 50 years. Source: Game of Trades
Red Sea disruption to oil supplies is overblown, argues Julian Lee. Why?
1. Houthis unlikely to attack Russian ships heading to India & China 2. Saudi pipeline can bypass Bab Al Mandab 3. Iraqi & Saudi shipments to the US don't go through the red sea Source: Bloomberg, Ziad Daoud
