Greetings,
United States: The market is still doubting the FOMC’s dot plot. Shorter and intermediate-maturity Treasury yields declined and the curve steepened.
![The Daily Shot Brief – December 17th, 2021](https://thedailyshot.com/wp-content/uploads/US-5yr2112170438.png)
![The Daily Shot Brief – December 17th, 2021](https://thedailyshot.com/wp-content/uploads/US-5yr-Curve2112170438.png)
Emerging Markets: The Turkish central bank cut rates again, sending the lira past 16 to the dollar. Is the easing cycle over?
![The Daily Shot Brief – December 17th, 2021](https://thedailyshot.com/wp-content/uploads/EM-TRY-ST2112170438.png)
![The Daily Shot Brief – December 17th, 2021](https://thedailyshot.com/wp-content/uploads/EM-TRY2112170438.png)
Equities: Investors have been rotating out of cyclical stocks into defensives.
![The Daily Shot Brief – December 17th, 2021](https://thedailyshot.com/wp-content/uploads/EQ-F-Cyclicals2112170438.png)
Commodities: Energy, base and battery metals have significantly outperformed the commodity complex so far this year.
![The Daily Shot Brief – December 17th, 2021](https://thedailyshot.com/wp-content/uploads/CO-Battery-metals-AAA2112170438.png)
Global Developments: Risk-taking has been supported by extraordinarily accommodative monetary conditions.
![The Daily Shot Brief – December 17th, 2021](https://thedailyshot.com/wp-content/uploads/GL-Risk-taking-has-been-supported-by-extraordinarliy-accommodative-monetary-conditions2112170438.png)
Food for Thought: Production costs of cultivated meat:
![The Daily Shot Brief – December 17th, 2021](https://thedailyshot.com/wp-content/uploads/VTH-Production-costs-of-cultivated-meat2112170438.png)
Edited by Devon Lall
Contact the Daily Shot Editor: Editor@DailyShotLetter.com