Below is a chart and brief excerpt from today's Early Look written by Macro analyst Christian Drake.
|
Our morning missive generally strives for tactical and actionable research alpha, but we occasionally enjoy straying from the normal, prosaic brain candy to some global macro eye candy during slower market periods. Indeed, while the internet is full of food for investment thought, it’s mostly low on analytic calories and/or macro-nutrient density. The chart selection below offers a mini macro buffet of enticing analytical morsels that defined 2020 and will continue to shape the macro-scape over the coming year….. A Preview, Not a Coincidence: Perhaps the Fed expanding asset purchases to a level that almost exactly offsets increased issuance/deficit spending (or that DM central bank balance sheet expansion is almost equal to aggregate fiscal stimulus) is merely coincidence and not overt debt monetization …. Perhaps. And the fiscal-monetary “cooperation” is only set to increase further with Yellen taking the helm at Treasury. |
