The Daily Shot Brief – June 11th, 2021



United States: On a year-over-year basis, the core CPI climbed by most in years. However, without the COVID-sensitive items (including the auto manufacturing disruptions) and the base effect, the core inflation remains relatively stable. As far as the markets are concerned, this supports the Fed’s “transient” inflation narrative.

Source: @PkZweifel


Here are the “COVID-sensitive” items.

Source: @markets Read full article


China: Domestic bank lending is hugging last year’s trend.

Source: Daily Shot


But aggregate credit has diverged sharply from 2020.

Source: Daily Shot


Emerging Markets: Mexican government spending rose ahead of the elections.

Source: IIF


Energy: Rising temperatures and the ongoing drought sent the Hoover Dam Reservoir to its lowest level since 1937.

Source: NOAA


US natural gas futures spiked.

Source: Daily Shot


Credit: Looking for a cheap macro hedge? The on-the-run investment-grade CDX dipped below 50 bps after the CPI report.

Source: Bloomberg


Food for Thought: Referees making the right calls:

Source: Morning Consult Read full article

Edited by Richard Holmes

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