๐ฅ 17.4% of American adults expect someone in their household to experience loss in employment income in next 4 weeks
๐น According to the latest Household Pulse Survey, based on responses collected 3/3-15.
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๐น 39.1% of adults live in households where at least one adult substituted some or all in-person work for telework because of the coronavirus pandemic, based on responses collected March 3-15.
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๐น 8.8% of American adults lived in households where there was either sometimes or often not enough to eat in the previous 7 days, based on responses collected March 3-15.
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๐น 6.3% of adults are not current on their rent or mortgage payment and have slight or no confidence in making their next payment on time, based on responses collected March 3-15.
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๐น Of adults living in households not current on rent or mortgage, 28.1% report eviction or foreclosure in the next two months is somewhat or very likely, based on responses collected March 3-15.
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๐น 28.9% of adults live in households where it's been somewhat or very difficult to pay usual household expenses during coronavirus pandemic, based on responses collected 3/3-15.
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Well no, that's the sensationalist take. In reality, the Hong Kong Dollar is pegged to a narrow trading band between HK$7.75 and HK$7.85 per US dollar.
The 36-year old peg has withstood the test of multiple market shocks.
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The HKMA buys and sells the currency at either limit to maintain the range. Buying HKD boosts it by reducing its availability and raises the costs of betting against the ccy. Sales do the opposite.
They also have $440bn in reserves - six times the currency in circulation.
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Is this relationship the most important one to watch for the economy and monetary policy this year?
It's ISM Manufacturing Prices vs CPI (% Chg. From Year Ago)
Are we going to see CPI following ISM higher, or is the relationship going to temporarily break, like in late 2009?
H/t @macro_daily for the highlighting this relationship.
Just as a follow on from this, long-end US Tsy yields - in this case the 10Y yields, seem to have a closer correlation to the headline CPI number, rather than the Core CPI number.
So we could see yields continuing higher, even if core CPI remains muted.