A challenging year for the US dollar:

US firms are paying a massive premium for aluminum over London prices.

Ultimately, Canada will find other markets to sell its oil. Will the US find other markets to sell the products it currently sells to Canada? Doubtful. Source: JP Morgan Asset Management

The markets expect faster US inflation going forward.

So far, there has been no sizable reduction in federal expenditures this year. Source: BCA Research

The US dollar is off to its worst start of the year in decades.

US firms are paying a massive premium for aluminum over London prices.

So far, there has been no sizable reduction in federal expenditures this year. Source: BCA Research

The markets expect faster US inflation going forward.

The US dollar is off to its worst start of the year in decades.

The new 10% tariff on Canadian energy imports is driving up costs for US refineries reliant on heavy Canadian crude, particularly in the Midwest. This has pushed gasoline futures sharply higher, even as crude oil prices decline. @carlquintanilla.bsky.social

Interesting paper by @hansonmark.bsky.social and article by @economist.com re: scientific publishing. Source: direct.mit.edu/qss/article/... and www.economist.com/science-and-...

State-level past-year and past-month prevalence of various substances (2021-2022).🧪 Source: datatools.samhsa.gov/saes/state

Age-adjusted opioid-related overdose death per 100K ppl in different US States 🧪Source: www.cdc.gov/overdose-pre... @cdcofficial.bsky.social

The overall US consumer credit as a percentage of disposable personal income continues to decline.

The US trade deficit with Mexico reached a new record high.

Germany’s industrial production unexpectedly fell again in October, further deepening the slump. Recession risks are rising.

Japan’s base salaries are rising at the fastest pace on record, boosting the probability of a BoJ rate hike this month.

Diamond prices have been under pressure. bloomberg.com/news/article...

There has been an increase in global armed conflicts in recent years. Source: JP Morgan

US crude oil production hit a record high.

The US trade deficit with Mexico reached a new record high.

Germany’s industrial production unexpectedly fell again in October, further deepening the slump. Recession risks are rising.

Japan’s base salaries are rising at the fastest pace on record, boosting the probability of a BoJ rate hike this month.

Diamond prices have been under pressure. bloomberg.com/news/article...

There has been an increase in global armed conflicts in recent years. Source: JP Morgan

US federal entitlement spending is increasingly crowding out non-defense discretionary spending. Source: J.P. Morgan Asset Management

The Fed’s Beige Book shows rising concerns among US firms about tariffs and international trade.

US federal entitlement spending is increasingly crowding out non-defense discretionary spending. Source: J.P. Morgan Asset Management

The Fed’s Beige Book shows rising concerns among US firms about tariffs and international trade.

Economists have been lowering their 2025 forecasts for US housing starts and existing home sales due to expectations of persistently high interest rates.

Overnight gains in US equities have massively outpaced intraday gains. Source: Chris Murphy, Susquehanna Financial Group

The most liquid ETF is becoming less liquid.

US vehicle sales continued to increase last month, topping expectations.

Economists have been lowering their 2025 forecasts for US housing starts and existing home sales due to expectations of persistently high interest rates.

Overnight gains in US equities have massively outpaced intraday gains. Source: Chris Murphy, Susquehanna Financial Group

The most liquid ETF is becoming less liquid.

US vehicle sales continued to increase last month, topping expectations.

US construction spending on data centers accelerates.

France’s Prime Minister, Michel Barnier, is likely to be ousted this week amid the budget impasse. The French bond spread over Germany has blown out.

China's bond yields keep tumbling.

Here is a look at valuations for different segments of the US equity market. Only small caps are trading at multiples below their 10-year average.

US construction spending on data centers accelerates.

France’s Prime Minister, Michel Barnier, is likely to be ousted this week amid the budget impasse. The French bond spread over Germany has blown out.

China's bond yields keep tumbling.

Here is a look at valuations for different segments of the US equity market. Only small caps are trading at multiples below their 10-year average.

The inventory of newly built US homes for sale continues to climb.

US households have not been this giddy on stocks in decades.

Investors are loading up on leveraged equity ETFs. This is not going to feel good on the way down.

US households have not been this giddy on stocks in decades.