The Macro Charts You Must Know #5
If the frame above isn’t loading, you can read Week In Charts over here.
The week in a nutshell:
- US long yields moved higher and the USD either gained or consolidated against other currencies
- BUT, global yields are the biggest concern right now, and if they aren’t, they should be
- Flattening European curves, and the JP 10y back to yielding zero don’t bode well for global growth
- Copper and WTI moved lower, inline with what lower global yields are signaling
- Even Gold had a bad week
- US yields are the only asset class indicating better growth conditions this week – how long can this divergence last?
As continued claims dip below 3 mm, it’s important to note that Pandemic Emergency Unemployment Compensation claims have fallen by ~1 mm from June to July.
— The Pensive Nugget (@pensivenugget) August 5, 2021
Let’s see what tomorrow’s jobs number holds.#labormarket #economicrecovery pic.twitter.com/B3lVnGa606
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