US yield curve keeps bear-steepening w/2s/10y spread jumps to -19bps after Fed's Powell has given 'green light' for higher long-term bond yields with the 10-year near 5%
Source: Bloomberg, HolgerZ
Is US inflation following the footsteps of the 1970s?
Source: Game of Trades
BREAKING >>> Powell says inflation is still too high and lower economic growth is likely needed to bring it down
US 10-year is just 3bp shy of 5%... Federal Reserve Chairman Jerome Powell acknowledged recent signs of cooling inflation, but said Thursday that the slowing in price increases was not enough yet to determine a trend and that the central bank would be “resolute” in its commitment to its 2% mandate. “Inflation is still too high, and a few months of good data are only the beginning of what it will take to build confidence that inflation is moving down sustainably toward our goal,” Powell said in prepared remarks for his speech at the Economic Club of New York. “We cannot yet know how long these lower readings will persist, or where inflation will settle over coming quarters.” Source: CNBC, Ole S.Hansen, Bloomberg, Saxo
Amazing chart about Canada housing market (on the right) vs. US housing market (on the left).
Source: Michel A.Arouet
Analysts’ earnings downgrades for US companies are increasingly outpacing upgrades
Source: The Daily Shot
To whom the US owes money? Mostly to themselves actually...
Source: The King's Cheque En Qua
Total US debt is now up ~$650 BILLION since it crossed $33 trillion exactly 1 month ago, according to Zerohedge
Yesterday alone, total US debt jumped by another $58 billion. Total US debt has grown by ~$22 billion PER DAY for the last month. In other words, the US has added ~$915 million in debt every hour for the last month. Since the debt ceiling "crisis" ended, total US debt is up over $2 trillion. Since 2020, total US debt is officially up more than $10 TRILLION. Source: The Kobeissi Letter
JUST IN: The Value of US Distressed commercial real-eestate is approaching $80 billion, the highest level in a decade Now less than HALF the 2008 financial crisis levels
Blackstone, Brookfield and Goldman Sachs have defaulted or relinquished offices to lenders this year. Today, Pimco walked away from 20 hotels with +$240MM in debt. Over $1.5 trillion of commercial real estate loans will mature over the next 3 years. Source: Bloomberg, Genevieve Roch-Decter, CFA, Barchart
