Greetings,
United States: The Markit Manufacturing PMI hit a new record, pointing to exceptionally strong growth in US factory activity.
Neither supply chain bottlenecks nor price pressures show signs of abating.
Emerging Markets: Some data on LatAm international debt issuance.
Energy: Conventional oil and gas shares are recovering as renewable energy stocks consolidate.
Rates: While Chair Powell’s comments remain dovish, other Fed officials are talking about rate hikes next year. That would suggest that QE tapering should start later this year to give the central bank a sufficient runway.
The market has now fully priced in a 2022 liftoff, with a 50% chance of two rate hikes next year.
Global Developments: Transit usage is gradually improving, although still below pre-pandemic levels.
Food for Thought: Sperm concentration over time:
Edited by Richard Holmes
Contact the Daily Shot Editor: Editor@DailyShotLetter.com
