de8cdcb2-8da9-4090-8c5c-9735db8f31f2

Greetings, 1. We begin with the United States where the Q3 GDP growth forecasts from the Fed’s “nowcast” models point to an annualized figure of 3%+. Economists’ consensus forecast (based on Bloomberg’s compilation) is at 2.6%. However, … Source: NY Fed, Atlanta Fed 2. … according to Markit Economics, US service sector is barely growing.

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e8482678-d955-4d8c-b38e-fbaf3e56d7ab

Greetings,  1. We begin with emerging markets where foreign funds continue the chase for yield. Here is Taiwan’s 10yr government bond (63bp). Dollar-denominated emerging markets bonds are outperforming US HY bonds and the S&P 500 year-to-date as EM debt ETFs’ shares outstanding continue to climb. Source: Ycharts.com 2. Mainland China and Hong Kong property price divergence

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