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16 Oct 2023

The Fed's balance sheet hit its lowest level since June 2021 this week, down over $1 trillion from the peak in April 2022

Annual changes in the Fed's balance sheet since 2002... Source: Charlie Bilello

16 Oct 2023

US Treasuries were bid this week due to the search of "safe havens" on the back of Middle East turmoil

However, ugly auctions on Thursday came as a harsh remainder of the unfavourable supply/demand situation faced by US Treasuries. On the supply side, there is a tsunami of notes and bonds that is going to flood the market. And it is occurring while the Fed, under its QT program, is letting about $60 billion a month in maturing Treasury securities roll off the balance sheet without replacement. With the Fed reducing its holdings, that tsunami of notes and bonds being issued will have to find buyers, and those buyers will have to be enticed by yields. Unless inflation and growth slow down meaningfully, yields are unlikely to drop aggressively. Source: www.wolfstreet.com, Bloomberg

11 Oct 2023

Total Returns over last 3 years...

MSCI India ETF $INDA: +33% MSCI China ETF $MCHI: -41% Source: Charlie Bilello

10 Oct 2023

Have you ever played Microsoft's games?

Microsoft is the world's largest gaming company, with an astonishing market capitalization of $2,441 billion. Some of Microsoft's popular games include Call of Duty and World of Warcraft. Genuine Impact

10 Oct 2023

In case you missed it:

Fed Balance sheet has dropped <$8tn for 1st time since Summer 2021 on QT. Fed's total assets are now equal to 29.4% of US's GDP vs ECB's 50.9%, SNB's 111.5%, or BoJ's 125.7%. Source: Bloomberg, HolgerZ

28 Sep 2023

The equal-weighted S&P just went red YTD...

Source: Bloomberg, www.zerohedge.com

26 Sep 2023

This chart explains by itself why the market mood has been deteriorating over the last few weeks:

Growth forecasts moving down / world inflation going up. What else? Source: www.zerohedge.com, Bloomberg

25 Sep 2023

Here’s a look at how Arm $ARM, Instacart $CART, and Klaviyo $KVYO traded from their IPO pricing over the last week

Big opens then lots of selling. Source: Bespoke

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