1. SMID is making a comeback!
Source: Thechartstore.com; As of 3/12/18
2. Is it too late to learn from the past?
"For those of you reading up on the history of trade-wars in the US, the Tariff Act of 1930 aka the Smoot-Hawley Tariff has been cropping up in many conversations. The act implemented protectionist trade policies on over 20,000 imported goods, which saw retaliatory tariffs by America's trading partners and have been cited as major factors of the reduction of US exports and imports by more than half during the Depression.
Great chart here looking at US duties collected on imports. GATT is the General Agreement on Tariffs and Trade 1947, which aimed to promote international trade by reducing or eliminating tariffs or quotas."
Source: BofAML; As of 12/17
3. Ironically, all the "efforts" to reduce our trade deficit is having the opposite effect short-term...
Source: Thechartstore.com; As of 3/12/18
4. A good chart showing what President Trump is after. But tariffs simply increase price - and everyone who uses these metals will pay more, products will increase in price, and by some estimates five jobs will be lost for every one gained.
Source: WSJ Daily Shot; As of 3/9/18
5. A broad trade war would hit Japan hard...
Source: WSJ Daily Shot; As of 3/12/18
6. Is wage growth and wage inflationary pressure around the corner?
Source: WSJ Daily Shot; As of 3/8/18
7. Yet with the velocity of money so low, inflation is being held in at least partial check...
Source: State Street Global Advisors; As of 3/7/18
8. Another QE reversal that is getting little to no press...
Source: WSJ Daily Shot; As of 3/9/18
9. With the U.S. now on track to become the world's largest oil producer, where does it all go?
Source: WSJ Daily Shot; As of 3/8/18
10. Are we in a bubble? Again?
Source: WSJ Daily Shot; As of 3/6/18
11. It is still early... but possible signs of stress as junk bond yields rise ~1% along with the 10 year UST.
Source: Thechartstore.com; As of 3/12/18
12. This helps explain recent yield curve flattening; the long end stayed put while the short-intermediate yields rose.
"The tax-driven capital repatriation reduced demand for short-term dollar investments (previously held by these corporations). Additionally, since the lifting of the debt ceiling, the Treasury has been flooding the market with T-bills. And foreigners have been more reluctant to buy Treasury bills, resulting in higher short-term rates."
Source: WSJ Daily Shot; As of 3/12/18
