Torsten from Apollo: the reality is that firms on earnings calls talk less and less about recession
Source: Mike Z.
US July CPI inflation expectations:
1. Kalshi: 2.9% 2. TD Securities: 2.9% 3. UBS: 2.9% 4. Goldman Sachs: 2.9% 5. Citigroup: 3.0% 6. Morgan Stanley: 3.0% 7. Bank of America: 3.0% 8. Barclays: 3.0% The median July CPI expectation shows headline inflation at 3.0% and Core CPI inflation at 3.2%. If today CPI inflation comes in at 2.9% or lower, it will mark the first month with inflation under 3.0% since March 2021. Today's CPI report could solidify a hashtag#fed September rate cut. Source: The Kobeissi Letter
Top monetary assets worldwide
Source: Porkopolis Economics
BREAKING: US July PP inflation falls to 2.2%, below expectations of 2.3%
Core PPI inflation falls to 2.4%, below expectations of 2.7%. This is the first drop in Core PPI YoY since December last year... In another constructive sign, PPI inflation is now at its lowest level since March 2024. A September hashtag#fed rate cut seems to be on its way. PPI numbers in a nutshell: - PPI 0.1% MoM, Exp. 0.2% - PPI Core 0.0% MoM, Exp. 0.2% - PPI 2.2% YoY, Exp. 2.3% - PPI Core 2.4% YoY, Exp. 2.6% Source: The Kobeissi Letter, US Department of Labor, Mike Z.
The Interest Expense on US Public Debt rose to a record $1.11 trillion over the last 12 months, more than doubling over the past two years
At the current pace it will soon be the largest line item in the Federal budget, surpassing Social Security. Source: Charlie Bilello
Recession is the talk of the town again
In just 1 week, recession searches have hit record levels. Source: Game of Trades
The view from Apollo: Still no signs of a recession in the US
Source: Apollo
Before the euro, Greece, Italy, Spain were adjusting for their lower productivity via currency devaluations each year.
Within the European currency union the only avenue left is adjusting via real wages pushing many people into poverty. Source: FT, Michel A.Arouet
