The chart below shows the percent change of Class-8 truck orders for each month compared to the same month a year earlier, which eliminates the effects of seasonality. The year-over-year plunges in December and January are on par with happened during the last transportation recession (wolfstreet.com)

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The 2017 tax reform made it easier for U.S. firms to bring profits booked offshore home (no complex gymnastics required), but it did not – change the basic incentive to shift profits and in some cases jobs offshore. Brad Setser

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The biggest U.S. emerging-markets debt ETF has grown at an accelerating clip, adding about $2.6 billion in new money so far this year. In the past three years, the fund has more than quadrupled its assets, to $17.5 billion, exceeding the size of the biggest HY bond ETF HYG

Buy the dip and search for yield is alive and kicking

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NDR global recession probability now at 93. Hmmm……

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