Charts of the Week
Dealers Stepping Away From Auctions
January 20, 2023
Prior to 2009, primary dealers typically bought 60%-70% of any given 10-year note auction. Now they are typically taking down closer to 18% of an auction.
Prior to 2009, primary dealers typically bought 60%-70% of any given 10-year note auction. Now they are typically taking down closer to 18% of an auction.
Between April 2021 and May 2022 U.S. inflation was the highest in the developed world thanks to massive stimulus. Thanks to the aggressive stance taken by the Federal Reserve, U.S. inflation is now falling faster than inflation in many other countries.
At one point in time Tesla was worth more than all other auto companies combined. Their fall over the past fourteen months puts them closer to Toyota's market cap.
The number of pages in the Federal Register ticked slightly higher in 2022. With government being divided in 2023, it may prove difficult for legislators to push through a lot of new laws.
Updating the changes in central banks' balance sheets
Drawdowns of 70%+ are not for the faint of heart, but a large percentage of crypto holders remain committed to bitcoin.
A long-term look at wholesale wheat prices
Some interesting charts from our recent posts
Things have changed in China. We don't yet know exactly how. But to assume the country will immediately return to 2019 norms and its economy will rebound immediately may prove overly optimistic.
Japan and China's holdings of Treasuries dropped materially over the past several months. A large part of this is simply a function of Treasuries' terrible returns. In the case of Japan, it may also be a sign of stress for the BoJ.
Today's topics include Jim discusses economic data & the Fed, beige book reveals weak growth expectations in 2023, all eyes on the BoJ, where are rates heading?, emerging markets show promise, no love for US stocks, bond sales at record levels, the Treasury's 'extraordinary measures', and bitcoin-gold ratio changes polarity