Chart of the Day: Homebuilders Soar
This content is for members onlyFixed Income Weekly: 2/1/23
Searching for ways to better understand the fixed income space or looking for actionable ideas in this asset class? Bespoke’s Fixed Income Weekly provides an update on rates and credit every Wednesday. We start off with a fresh piece of analysis driven by what’s in the headlines or driving the market in a given week. We then provide charts of how US Treasury futures and rates are trading, before moving on to a summary of recent fixed income ETF performance, short-term interest rates including money market funds, and a trade idea. We summarize changes and recent developments for a variety of yield curves (UST, bund, Eurodollar, US breakeven inflation and Bespoke’s Global Yield Curve) before finishing with a review of recent UST yield curve changes, spread changes for major credit products and international bonds, and 1 year return profiles for a cross section of the fixed income world.
In this week’s report, we discuss the TIPS market.
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Bespoke’s Global Macro Dashboard — 2/1/23
Bespoke’s Global Macro Dashboard is a high-level summary of 22 major economies from around the world. For each country, we provide charts of local equity market prices, relative performance versus global equities, price to earnings ratios, dividend yields, economic growth, unemployment, retail sales and industrial production growth, inflation, money supply, spot FX performance versus the dollar, policy rate, and ten year local government bond yield interest rates. The report is intended as a tool for both reference and idea generation. It’s clients’ first stop for basic background info on how a given economy is performing, and what issues are driving the narrative for that economy. The dashboard helps you get up to speed on and keep track of the basics for the most important economies around the world, informing starting points for further research and risk management. It’s published the last Wednesday of every month at the Bespoke Institutional membership level.
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Bespoke Brunch Reads: 1/15/23
Welcome to Bespoke Brunch Reads — a linkfest of the favorite things we read over the past week. The links are mostly market related, but there are some other interesting subjects covered as well. We hope you enjoy the food for thought as a supplement to the research we provide you during the week.
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Energy Markets
Winter Storm Elliott (PJM)
A detailed slide deck offering preliminary explanations for the collapse of most of the East Coast’s electrical grid offers some fascinating insight: an unprecedented demand surge came as a wide range of natural gas generators shut off amidst shortages of fuel. [Link; 32 page PDF]
U.S. Department of Energy rejects initial bids to resupply oil stockpile by Richard Valdmanis (Reuters)
A first round of bids to replace crude sold from the SPR has been rejected by the Department of Energy as the government fine-tunes its procedures for the unprecedented management of crude markets that sales and purchases have entailed. [Link]
Vaporware
US farmers win right to repair John Deere equipment by Monica Miller (BBC)
A memorandum of understanding between John Deere and the American Farm Bureau Federation has cleared the way for farmers to repair equipment that breaks down. [Link]
Exclusive: Surveillance Footage of Tesla Crash On SF’s Bay Bridge Hours After Elon Musk Announces “Self-Driving” Feature by Ken Klippenstein (The Intercept)
A Tesla that was using the “Full Self-Driving” feature enabled by Tesla this fall caused a major pile-up on a San Francisco freeway when it abruptly braked and moved in to another lane. [Link]
Food & Drink
Digital nomads now come first for Mexico City’s gig workers by Samuel Burleigh and Stpehania Corpi Arnaud (Rest of World)
Lured by the lower cost of living and high quality amenities that elite enclaves offer within Mexico City, foreign digital nomads are making waves with their bland tastes. [Link]
A Nonalcoholic Amaro ‘Falso’ From St. Agrestis by Florence Fabricant (NYT)
The latest offering for dry January is a zero-ABV “amaro” that mixes bitter botanicals and a hint of carbonation to replace the alcoholic version. [Link; soft paywall]
Banking
JPMorgan claims entrepreneur Charlie Javice duped bank into buying $175M startup: suit by Ariel Zilber (NYPost)
A financial planning site purchased by JPMorgan in 2021 overstated its customer count by almost 4mm, defrauding the bank in the course of its acquisition. [Link]
Goldman Sachs Advises Investors To Go Risk-Free In 2023 by Tracey Longo (Financial Advisor Magazine)
High yields in money market funds are stiff competition for risk assets per a Goldman Sachs analysis that advocates for skepticism towards risk assets this despite a torrid start to the year. [Link]
Chinese Bank Offers Customers Free mRNA Vaccine in Return for $500,000 Deposit (Bloomberg)
“Tier 3” customers get the luxury treatment, including not only top-of-the-line COVID vaccines but also discounts at the Four Seasons a chance to test drive a Bentley. [Link]
Solutions
The ozone layer is on track to recover within decades as harmful chemicals are phased out, scientists report by Laura Paddison (CNN)
An international treaty has led to a 99% decline in the use of chemicals that deplete the ozone layer has been wildly successful, with expectations for full recovery by 2040. The results offer a hopeful model for climate action, including via geoengineering. [Link]
Riddle solved: Why was Roman concrete so durable? by David L. Chandler (MIT News)
Roman concrete included chunks of calcium carbonate thanks to its high-temperature manufacturing process. The result was a much stronger concrete than anything produced today. [Link]
House of Mouse
Disney Revises Pricing Policies at Its Parks by Brooks Barnes (NYT)
Theme parks will cut parking fees and reduce the number of park days offered at their lowest price but management insists they aren’t a reflection of softer demand. [Link; soft paywall]
Options Mania
Higher Rates and Tech Selloff Fuel Options Boom by Eric Wallerstein (WSJ)
The surge in options activity during the huge post-COVID bull market is sticking around, as investors are finding the derivatives just as useful for speculation to the downside as the upside. [Link; paywall]
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Have a great weekend!