Greetings,
United States: The CPI report surprised to the upside – again. Both the headline and the core inflation measures easily topped forecasts.
![The Daily Shot Brief – July 14th, 2021](https://thedailyshot.com/wp-content/uploads/US-CPI-MoM2107140438.png)
Emerging Markets: South Africa’s violent protests are putting some pressure on the rand.
![The Daily Shot Brief – July 14th, 2021](https://thedailyshot.com/wp-content/uploads/EM-SA-ST2107140438.png)
![The Daily Shot Brief – July 14th, 2021](https://thedailyshot.com/wp-content/uploads/EM-ZAR-Protests2107140438.png)
Equities: Global ex-US earnings typically outperform when world trade is strong.
![The Daily Shot Brief – July 14th, 2021](https://thedailyshot.com/wp-content/uploads/EQ-Ex-US-Earnings2107140438.png)
Rates: Expectations for a steeper yield curve have peaked, according to BofA’s fund manager survey.
![The Daily Shot Brief – July 14th, 2021](https://thedailyshot.com/wp-content/uploads/RA-expectations-for-steeper-yc2107140438.png)
Global Developments: Implied volatility across markets has fallen below the 3-year median.
![The Daily Shot Brief – July 14th, 2021](https://thedailyshot.com/wp-content/uploads/GL-Vol-AAA2107140438.png)
Food for Thought: Income, wealth, and debt by generation:
![The Daily Shot Brief – July 14th, 2021](https://thedailyshot.com/wp-content/uploads/VTD-Income-Wealth-Debt-by-Gen2107140438.png)
Edited by Richard Holmes
Contact the Daily Shot Editor: Editor@DailyShotLetter.com