US yieldcurve keeps steepening...
Source: Bloomberg, HolgerZ
FED cuts rates by 50bp to 4.75%-5% range
The Federal Reserve lowered its benchmark interest rate by a half percentage point Wednesday, in an aggressive start to a policy shift aimed at bolstering the US labor market.Committee sees another half-point of cuts in rest of 2024Policymakers penciled in an additional percentage point of cuts in 2025, according to their median forecast.
The US yield curve continues to steepen.
Yields on 10-year Treasuries are the highest vs 2-year yields going back to 2022. Source: Lisa Abramowitz, Bloomberg
BREAKING: Multiple shots were fired in the vicinity of Donald Trump as he was golfing at the Trump National Golf Club in West Palm Beach
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BREAKING: The Restaurant Performance Index (RPI) fell -1.3% in July to 97.7 points, the lowest level since the 2020 lockdowns
This index tracks the health of the restaurant industry in the US by measuring sales, customer traffic, labor, and overall business conditions. Since 2021, this metric has fallen by ~8.0%, marking the largest drop since it was launched in 2002. Such a low level in the index has only been seen during recessions. Americans are pulling back on dining out as prices have been sharply rising and recently hit new all-time highs. Since 2020, food prices away from home have increased by 27.0%, and fast food prices have jumped by 31.0%. Eating out is becoming a luxury... Source: The Kobeissi Letter, Trahan Macro Research
US fiscal stimulus: no surprise, we haven't seen any slowdwn in terms of spending ahead of the elections...
Source: Bloomberg, www.zerohedge.com
Ozempic is selling so well that an insurer requests USD 1 bn in payments back
Source: Bloomberg
US equities bull market => are you afraid to be too late to the party?
If history is any guide, you aren't. As shown on the chart below, history shows there is still rooms to go for this bull market in terms of duration AND magnitue. Source: RBC
