Waiting for "Tangible Improvements" - VP Macro Snapshot
> 20th century examples of wars and markets: wait for tangible improvement
> US recession risks still remain low
> China stabilizing, but our LEIs are yet to see a major upturn
> US inflation panic looks overdone
> Fed credibility intact with markets; causes forward curve inversions
> Speed of Fed balance sheet reduction is key to yield moves
> Global liquidity conditions are still tightening
> US economy is resilient, even as other country LEIs roll over
> US recession risks still remain low
> China stabilizing, but our LEIs are yet to see a major upturn
> US inflation panic looks overdone
> Fed credibility intact with markets; causes forward curve inversions
> Speed of Fed balance sheet reduction is key to yield moves
> Global liquidity conditions are still tightening
> US economy is resilient, even as other country LEIs roll over
Macro Snapshot
