France's 2023 Deficit 'Significantly' Above 4.9%' (BBG)
France's budget (in)discipline... Since the Great Financial Crisis in 2008, France managed to keep its budget deficit below the 3% threshold (remember the Maastricht Treaty) just once (2018). This is far worse than Italy. France's debt-to-GDP ratio is at 110%, up from 64% pre-financial crisis. With potential GDP growth at a paltry 1% and declining, structurally low interest rates is needed to keep the debt burden afloat. Source: Jeroen Blokland, Bloomberg
According to latest Fund Manager Survey by BofA, nobody is expecting higher inflation
Source: TME
The interest payments on US Federal Government Debt have surpassed a $1 trillion annual rate, increasing 98% over the past 3 years
Source: Charlie Bilello
Eurozone CPI slowed less than anticipated in Feb, highlighting stickiness in inflation
Headline inflation eased to 2.6% YoY in Feb, above 2.5% consensus estimate in BBG survey. Core inflation came down by 0.2%-pt to 3.1%, also an upward surprise compared to 2.9% consensus estimate. Source: Bloomberg
Supercore PCE MoM exploded, highest since Dec 2021
Source: www.zerohedge.com, Bloomberg
Today's report unveiled the largest positive surprise in US personal income since the surge in consumer prices began in 2021
Source: Tavi Costa, Bloomberg
More evidence of a decline in US Inflation...
The PCE Price Index moved down to 2.4% in January, its lowest level since February 2021. Cycle peak was 7% in June 2022. Source: Charlie Bilello
France PPI YOY is the lowest since 2009...
Source: Bloomberg, Alessio Urban
