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In the News
Ample headlines coming off a long weekend in the US—from the inverted yield curve to ongoing global geopolitical machinations of various stripes:
The Market Forces That Propelled a Massive Rally in Long Bonds
The yield curve’s recent inversion has had some prognosticators convinced a recession was imminent. And it may be—a decade into this expansion, it’s likely we’re nearer the end than the beginning. However, some of the market activity driving rates lower may be tied to relatively standard hedging activity among institutions who own mortgage bonds, as well as increased demand from pension funds and insurers that sell annuities.
Italy’s 5 Star Approves Coalition Government With Ex-Foes
Italy officially has new leadership, thanks to the newly formed coalition between 5 Star Movement and the center-left Democratic Party. The new coalition also released an agenda, including such measures as an economy-wide minimum wage and increased investment in renewable energy.
Argentine Peso Strengthens After Capital Control Measures
It looks like Argentina’s latest debt crisis may be with us for a while. The government imposed capital controls over the weekend in an attempt to arrest the downward spiral—a move which will likely have further downstream impacts on the looming election.
Hong Kong Government Raises Stakes With State of Emergency Signal
Speaking of turmoil, the ongoing clash between protesters in Hong Kong and the Chinese government continues. If anything, the temperature seems to be rising, rather than cooling.
US Factory Activity Shrinks for First Time in 3 Years
Concern about a global manufacturing slowdown is rising—with the US gauge now following Germany’s (and others’) in signaling slower growth. For now, the focus is on the ongoing tariff and macro uncertainty, which are leading manufacturers to slow production.
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