The Macro Charts You Must Know #20
If the slides above aren’t loading, you can read Week In Charts over here.
The week in a nutshell:
- The USD continued to rally against major currencies, in what is now a broad based rally except vs the CNY
- The US yield curve remains flat even though breakevens continue to trade close to their 2021 highs
- Contrasting moves in the yield curve and breakevens point toward a future of higher prices and low or stagnant growth
- European yield curves have started to diverge – if the German yield curve continues to flatten, the French and Italian curves should follow
- Commodity prices are also starting to move lower, which could herald not only lower inflation, but also lower global growth
- Copper and Aluminium are off their highs; Oil prices too (at least for the moment)
- A stronger Dollar together with flatter yield curves, lower commodities, and higher inflation from supply chain problems points to future global economic weakness
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