We are not miles from the needed threshold level of USD reserves in the system and the Fed is aware of that. This is a strong reason to believe that liquidity conditions will remain benign from here on a trend basis.
Inflation Watch: Another deflation shocker from Europe? UK, Sweden and Norway are under the loop!
Another set of soft inflation numbers is set to be released from Europe in the coming weeks. We see both GBP and NOK inflation surprisingly low for November, while Swedish evidence is a tad more mixed.
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Positioning Watch: Energy is not (yet) a consensus
Betting against Europe is becoming increasingly popular, but the energy trade is yet to become overcrowded. Here is the weekly positioning report.
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Steno Signals #19 – 1, 2, 3, Central bank panic
Is BoE the patient zero in the fight against bond vigilantes? More panic could be upcoming from other central banks soon as real rates are shooting for the stars
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