The Macro Charts You Must Know #12

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The week in a nutshell:

Evergrande, the largest Chinese real estate developer as good as defaulted this week, but markets have shrugged the systemic implications of it off – at least for now
US long term yields rallied mightily at the end of the week, although the picture for future US inflation remains muddied by 2s10s and breakevens remaining pretty much range bound
European yield curves, however, steepened sharply, and seem to be pricing a brighter outlook for inflation in the bloc
But commodities are not signaling the return of broad based inflation yet, as they continue to trade according to idiosyncratic factors
- Copper remains stuck in its range, aluminium is still shooting higher, and iron ore is in the doldrums;
- Meanwhile, skyrocketing Nat Gas prices pose a serious economic threat, and a human one, if insufficient supplies lead to people freezing in the coming winter