February 13, 2023| Rapid recovery + federal stimulus = public coffers filled to the brim. States hold $137 billion in reserves, vs. $134 billion in 2022. They’re better prepared for any potential recession.Confirms our overweight positioning in municipal bonds. Source: Wall Street Journal
...February 13, 2023| Sweden’s economy is a great forward indicator and cautionary tale for the rest of the European Union. Despite the improvement in the global economy, the lack of consumer demand in select sectors, coupled with higher interest rates are having an impact on growth… not good for the European Union. Source: Gavekal
...February 13, 2023| China lifting its COVID lockdown has major implications, not just for the European Union but also for South America. As a major importer, this could drive demand and boost emerging markets.We’re seeing positive inflows in these markets.Source: Gaveka
...February 13, 2023| Copper is often looked at as a valuable leading indicator of economic activity. Chile is the #1 copper producer in the world, supplying ~29% of exports and hitting 10 year highs. Copper is signaling sustained global demand in 2023. Source: thedailyshot
...February 6, 2023| While both the Fed and European Central Bank (ECB) have raised interest rates, they’re on divergent paths. The Fed hiked rates slowly with a +0.25% rise, possibly approaching the end of its tightening journey, while the ECB faces on-going inflation challenges and is set to keep raising rates. Source: thedailyshot
...February 6, 2023| Today’s job gains surpass previous expansions with ~24.6 million jobs created since April 2020, highlighting how red-hot the U.S. labor market still is. However, this presents a challenge for the Fed, as they are seeking evidence of a cooling market. Source: lenkiefer
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