Image of the Day: The Appleton
Circa 1900
James Athey: Market Knows It Can Influence Fed Policy
“The circularity of it is quite obvious and clear”
Map: The Global Easing Cycle Has Started
The great race to the bottom
Jim Bianco: 44% of Developed Market Non-US Bonds Are Negative Yielding
“Every time something bad happens and we don’t really fix it, it ends up stockpiling more in negative debt”
Kyle Bass: China Isn’t Weakening Its Currency, It’s Just Not Supporting It
“Look at the Chinese banks’ balance sheets in the last 12 months. They’ve inverted from being massively USD heavy to massively USD short”
FX Hedging: Yield Curve Doesn’t Just Predict Recessions, It Helps Cause Them
When the yield curve inverts and effective yields for foreign investors become negative, global capital flows start freezing up
In Brief: $100 Bills Outnumber $1 Bills for First Time
With 13.4 billion notes in circulation ($1.34 trillion worth), the $100 bill is now the most popular bill in the world.
Image: Lower Manhattan in 1922
The first aerial photo ever taken of Lower Manhattan
The Window Is Closing: New China Tariffs Will Nudge Inflation Closer to 2%
A 0.14%-of-GDP inflation push that is piggybacking on a Fed rate cut is nothing to scoff at when persistently low inflation is the entire rational for historically high financial asset price valuations
Maps: The World’s Infrastructure
The world’s major railroads, roads, ports, airports, and cities