Emerging market central banks demonstrated their foresight in 2021, acting ahead of the curve. However, there is a looming concern that the resurgence in energy prices might pose a challenge for them, much like it did in 2022.
EM BY EM #17 China: Real Estate Complex and the “phony” stimulus
In 2021, I took a bearish position in the Chinese real estate market. However, the scale of the repercussions stemming from the ongoing deleveraging process in Chinese real estate has raised our concerns. Despite this, we believe that the CCP will likely need to intervene in the near term to address the situation
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Something for your Espresso: What is the status on this bank crisis?
Flows into money market funds are slowing, while only survey data truly hints of an upcoming credit crunch. Watch the H8 data on bank balance sheets end of business today.
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Steno Signals #43 – Slow walking into a recessionary credit crunch
Evidence is gathering that the SVB-fueled banking stress indeed will turn into a recession, but instead of a fast and rapid liquidity driven recession, we are rather slow-walking into a credit crunch over summer.
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