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
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