Retail sales came in on the hot side in April. But how much of that is inflation?
Retail Sales from Commerce Department, chart by Mish
According to Nikkei, China’s top smartphone makers – Xiaomi, Vivo, and Oppo – have told suppliers to scale back orders for the upcoming quarters by about 20% due to supply chain disruptions from the country’s Covid-19 lockdowns (i.e., demand has cratered).
Xiaomi, China’s biggest smartphone maker and No. 3 globally, has told suppliers that
Policy analysts say U.S. trade restrictions, including ones engineered under the Trump administration, along with lean manufacturing practices help explain why stores can’t easily replenish stocks of baby formula. The taxes and extra regulatory hoops make it expensive and difficult to import the specialized baby food.
The U.S. produces 98% of the infant formula it consumes, but that self-sufficiency is being tested by limited availability of ingredients because of supply chain disruptions, labor
🤡🌎 Biden’s head of the new “Disinformation Governance Board” pic.twitter.com/RZqILqT18c
— Clown World Today 🤡🌎 (@cwt_news) April 29, 2022
According to the Washington Post, the 33-year-old Jankowicz “was thrust into the spotlight by the very forces she dedicated her career to combating,”
Using the matrix of both bond yields AND commodity prices I suggested yesterday as a judge of what the market is thinking vs. what the Fed then needs to be doing seems to have held water. Amid the usual “why bother paying attention to facts when one can buy dips” equity action, US 10-year yields surged 8bp back to 2.99% and 2-year yields 12bps to 2.69%, AND oil and
This would bring the total number to almost 1,000 fighters surrendered, according to the Russian statements. The Russian MoD counted “694 Ukrainian fighters who had been holed up in Mariupol’s Azovstal steelworks have surrendered over the past 24 hours, according to a report by the country’s RIA
“Gasoline prices on the exchanges had followed the two price peaks seen on the crude oil market in March to only a disproportionate extent. Margins had increased on the diesel market in particular, partly because product stocks were and remain very
The extraordinary rally in Treasuries that defied last week’s red-hot inflation print looks set to cement the 3% barrier as a hard ceiling for yields, and that makes it possible this year’s cross-asset crash is the start of a years-long downtrend.
The turnaround in sentiment among investors was almost as rapid as the shift from Federal Reserve Chairman Jerome Powell and the ultimate message is the same. Even with unemployment close to the lowest since the 1960s, and central bank officials saying
Hmm…should I wear my $20,000 suit and $50,000 Rolex on a private corporate helicopter to work or on the filthy New York City subway, we’re sure Dimon asks himself daily.
Adams doesn’t seem to care how bold of a request it is, telling
US equity futures are tanking after the cash markets open, taking out yesterday’s lows…
As Nomura’s Charlie McElligott notes, it appears this is the potential unwind of the “TINA” phenomenon, as, thanks to the repricing of the risk-free rate – then pushing into yields on spread-product – “there is an alternative” to equities once again.
