Futures traders are pricing in a 23% chance of a rate cut at the beginning of 2020, and basically no chance of another hike this year. (Bloomberg)

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This chart highlights why the German govt is orchestrating a merger of Deutsche Bank and Commerzbank. Germany’s 5y default probability trades in tandem w/ Deutsche Bank’s default risk as Deutsche is too big to fail and so doom loop alive & kicking.

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This is Inflation.

UNDERSTAND THE DIFFERENCE BETWEEN REAL AND NOMINAL

Are wages up 9x since 1964 or are they up 0.1x?

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The US Budget deficit during the last 5 years!. Chinese stopped buying US debt in 2015, still, US 10 year has barely budged in all these years

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China PPI inflation has moved decisively toward deflation, and that could be a problem for emerging markets… (Callum Thomas)

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