The Daily Shot Brief – June 22, 2026
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United States
The June FOMC statement was the second shortest since 2007.
United Kingdom
The Bank of England kept its policy rate at 3.75% in a 7–2 vote, with most policymakers indicating they would tighten only if clear second-round inflation effects emerge, signaling a preference to keep rates on hold.
Japan
The yen is trading at the weakest level against the dollar since 1986, with USD/JPY breaking above the 160 resistance level.
China
Bank lending to households has more than doubled in the past decade.
Emerging Markets
The MSCI EM index has more than twice as many constituents as MSCI USA. However, the top 10 constituents now command a higher weight in EM than in the US.
Equities
Among small caps, companies with negative earnings continue to outperform those with positive earnings.
Rates
Excess liquidity—defined as real money growth versus economic growth—has turned negative, signaling greater downside risks for stocks and a flatter yield curve ahead.
