It's been quite a year...political turmoil here in the UK, war in Ukraine, surging energy prices, rampant inflation across the globe, intensifying growth headwinds, and central banks scrambling to 'out-hawk' each other having been caught far behind the curve...
Hikes caught markets by surprise...this time last year few thought fed funds rate would get >1% by 2023, now we're at 4.5%...
Rapid rate hikes (the most in a calendar year since the 80s from the Fed) = huge tightening in financial conditions...
Aug 3, 2020 • 6 tweets • 2 min read
#Spain manufacturing PMI (Jul) 53.5 v 52.0 exp. (prev 49.0)
