US earnings growth outperforming.
Source: @fundstrat thru Mike Zaccardi, CFA, CMT, MBA
Small Cap Stocks are trading at the largest discount relative to Large Caps in AT LEAST 25 years
Source: Barchart
The US has got the softest inflation surprises on Earth...
Could this influence the FOMC tomorrow??? Source: Andreas Steno Larsen @AndreasSteno, Macrobond
June JOLTS job openings rate (white) down to 4.4% vs. 4.6% prior ... quits rate (blue) unchanged at 2%
Source: Bloomberg, Kevin Gordon
The IMF has upgraded its global growth forecast amid signs that Donald Trump’s trade war will do less damage to the world economy than initially feared, helped by a weaker US dollar
Source: FT
LIQUIDITY ALERT >>> The Treasury released their borrowing estimates.
$1.6T in net new debt issuance over the next two quarters. About $500B of it is the TGA refill. Source: Lyn Alden
From TACO (Trump Always Chickens Out) to WACO (World Always Chickens Out)
The world has "chickened out" against Trump, per FT. "America’s trading partners have largely failed to retaliate against Donald Trump’s sweeping tariffs, allowing a president taunted for “always chickening out” to raise nearly $50bn in extra customs revenues at little cost. Four months since Trump fired the opening salvo of his trade war, only China and Canada have dared to hit back at Washington imposing a minimum 10 per cent global tariff, 50 per cent levies on steel and aluminium, and 25 per cent on autos. At the same time US revenues from customs duties hit a record high of $64bn in the second quarter — $47bn more than over the same period last year, according to data published by the US Treasury on Friday".
‼️For many foreign nationals, a new visa fee will increase the cost of traveling to the United States by $250 ⚠️
➡️ The “visa integrity fee,” included in the sweeping policy legislation that President Donald Trump signed into law this month, will require visitors traveling on a non-immigrant visa to pay an additional $250. ➡️ This group includes leisure and business travelers as well as international students from a wide range of countries such as India, China, Mexico, Brazil, South Africa and the Philippines. ➡️ Applicants must pay this amount on top of other visa fees that often total nearly $200. The Department of Homeland Security can adjust the fee based on inflation, starting in October. The bill does not specify when the fee will go into effect. In a statement, DHS said the new law “provides the necessary policies and resources to restore integrity in our nation’s immigration system. The visa integrity fee requires cross-agency coordination before implementation.” Source: The Washington Post
