The average price of a new home sold in the US is down 16% from its peak last July
After the last housing bubble peak the average new home price fell 25% nationally. Source: Charlie Bilello
Germany is still far from its energy transition goals
Germany must invest $1tn in expansion of renewable energy by 2030 in order to cover 80% of its electricity needs from renewable sources by then. Germany needs 43 soccer fields of solar power every day, boldest project since WWII. Source: Bloomberg, HolgerZ
Eurozone inflation for January tops earlier estimate
Eurozone CPI rose 8.6% in Jan YoY, up from 8.5% increase prev estimated. Core CPI, which strips out volatile categories, was 5.3%, up from preliminary estimate of 5.2% and fresh ATH. Core gives ECB hawks new fuel for more hikes.
Fed Terminal Rate has climbed 50bps year-to-date and keeps rising
This is the chart that is rattling the markets: Fed Terminal Rate has climbed 50bps year-to-date and keeps rising!
German Food CPI jumped 20.2% YoY in January
Supermarket inflation remains elevated in Gernmany. Food CPI jumped 20.2% YoY in January. Following the rebalancing of the basket of goods by German Statistics Office, food now has a higher weight in inflation rate. Share rose by 2ppts from 8.5% to 10.5%. Source: HolgerZ, Bloomberg
Japan’s Key Yield Rises Above 0.5% BOJ Ceiling for Second Day
Source: Bloomberg
China ramps up cash injection to prevent funding stress
The People’s Bank of China offered 835 billion yuan ($121 billion) of cash via seven-day reverse repurchase contracts on Friday, resulting in an injection of 632 billion yuan on a net basis. That’s the largest one-day addition on record in data going back to 2004 - Sources: C.Barraud, Bloomberg
14 economic indicators reported this week related to the US consumer and prices. 12 of them came in above expectations.
Source: Tavi Costa, Crescat Capital
