1219 days ago
Equity & housing prices at record high, yields near all-time low, but the Fed is ready to keep pumping
Jerome Powell: the outlook is "extraordinarily uncertain.", i.e we might get many more years of 0% interest rates and QE...
1219 days ago
A new all time high for the ECB balance sheet
The size of the ECB Balance Sheet just hit a fresh All-Time-High as Mrs. Lagarde keeps printing press rumbling. Total assets jump by another €15.6bn to €6,883.4bn on QE, equal to 67% of Eurozone GDP vs Fed's 34% and BoJ's 132%. However, we haven't seen any major impact on inflation yet - source: Bloomberg, Holger Z
1220 days ago
Economic recovery will take a little while for most.
Below, the change in GDP from Q4 2019 to Q4 2020. - Source: the Financial Times
1221 days ago
Secret China FX intervention ?
PBoC reserves have been flat since late 2016, even after April 2020, when inflows soared. Net foreign assets of commercial banks, however, have risen. I've discussed this before, but this cool graph shows it very clearly. If I were the suspicious type I'd certainly wonder why. via @michaelxpettis
1221 days ago
2021 or the year where people will buy the most smartphones
It's upgrade time! According to a Morgan Stanley report on consumer's smartphone purchases, 2021 is the year where intention of purchase is the strongest in the past few years. Morgan Stanley said: "We are incrementally bullish on 5G infrastructure and smartphone suppliers and raise AAPL bull case". And about AAPL: "Survey flags nearly 40% upside to consensus FY21 AAPL estimates, lifting our bull case valuation to $191". Seems like smartphones stocks may have room for further growth, we will see.
