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Chart (Deluge) Of The Month

This is a syndicated repost courtesy of Alhambra Investments. To view original, click here. Reposted with permission.

In Europe, the ECB’s minutes for its April 2019 meeting claimed:

Liquidity moves markets!

Follow the money. Find the profits! 

Financial market developments, which were typically more forward looking, were more upbeat.

In the US, the Federal Reserve’s minutes for its April 2019 meeting claimed:

Participants noted that even if global economic and financial conditions continued to improve, a patient approach would likely remain warranted, especially in an environment of continued moderate economic growth and muted inflation pressures.

Let’s see if we can find this upbeat improvement, these markets full of perhaps greenish shoots.

Eurodollar futures?

UST curve?

Projections back toward rate hikes?

Nominal UST yields?

Must be inflation expectations, right?

The deeper, inside financial stuff, the parts of the system that really matter like swap spreads?

Dollar, commodities; something?

And so, and so on.

Outside the NYSE, everything looks exactly the same. The downward spiral, the one officials didn’t admit was anything too bad until the S&P 500 stumbled, keeps on chugging downward.

As I wrote earlier today:

It’s a damn roadmap. The world’s best and brightest, though, they can’t read it because they absolutely insist they are not holding it upside down.

Think I’m kidding?

Wall Street Examiner Disclosure:Lee Adler, The Wall Street Examiner reposts third party content with the permission of the publisher. I curate posts here on the basis of whether they represent an interesting and logical point of view, that may or may not agree with my own views. Some of the content includes the original publisher's promotional messages. I may receive promotional consideration on a contingent basis, when paid subscriptions result. The opinions expressed in these reposts are not those of the Wall Street Examiner or Lee Adler, unless authored by me, under my byline. No endorsement of third party content is either expressed or implied by posting the content. Do your own due diligence when considering the offerings of information providers.

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