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United States
Household deleveraging is broad-based across the income spectrum.
Euro Area
Alpine Macro argues that euro area monetary policy is already more restrictive than at the peaks of the 2000 and 2008 tightening cycles, even before the ECB’s latest rate hike.
Japan
Japan Macro Advisors’ BoJ Policy Stance Indicator uses text analysis to infer individual board members’ policy views.
China
China’s headline inflation accelerated, driven by surging energy prices and higher transportation service costs. Core inflation edged up year over year but slowed on a month-over-month basis.
Equities
The US dividend yield has fallen to around 1%, well below the rest of the developed world …
Credit
Hyperscalers are issuing a substantial amount of debt.
Global Developments
The New York Fed finds little evidence of broad-based official diversification, with similar numbers of countries increasing and decreasing their dollar reserve shares over four-year windows.
