The shelter component of US CPI just had its highest 2-month increase in 33 years
Sourc: Bloomberg, Tavi Costa, Crescat Capital
A mixed US CPI report
January US CPI was inline with Street estimates on MoM basis, coming in +0.5% for the headline number and +0.4% for the core. On YoY basis, things ran bit hot, coming in +6.4% headline (down from +6.5% in December but ahead of Street estimates at +6.2%) and +5.6% for the core (down from +5.7% but ahead of St’s +5.5%. Source: Bloomberg, HolgerZ
The US 6 month T-Bill breaches 5% for 1st time since 2007
On the back of somewhat hot CPI data, The US 6 month T-Bill breaches 5% for 1st time since 2007. Source: HolgerZ, Bloomberg
A stronger than expected US GDP in Q1 ?
The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the first quarter of 2023 is 2.1 percent on February 7, up from 0.7 percent on February 1 - source: Atlanta Fed GDPNow
China reopens borders with Hong Kong
Source: Bloomberg
A reality check on Europe's energy shock: the French trade deficit
France's trade deficit in Dec. '22 was the widest in two decades when compared to the same month in previous years, a crude way to adjust for seasonality. Europe's energy shock is large and ongoing. Source: Robin Brooks
US existing home sales have been falling faster today than they did during the Great Financial Crisis
Source: Morgan Stanley
German housing market remains in a freeze
Mortgage lending was down 43% YoY in December, representing 4th negative record in a row since data records began in 2003. Compared with peak of €32.3bn from March 2022, the decline is almost 60%. Source: HolgerZ, Barkow consulting
