Two different directions of late for prices paid (blue) and prices received (orange) components in Kansas City Fed Manufacturing Index … former has moved higher while latter has eased (and was flat in April) pic.twitter.com/kd4Kv0auAY

As of the first quarter this year, ratio of S&P 500’s market cap to nominal GDP spiked to highest since end of 2021 pic.twitter.com/ieovbg0NgG

Bloomberg on the outcome of the Bank of Japan’s monetary policy meeting. Think of this as another small step in what the BoJ sees as a relatively long policy normalization journey. The length of this journey, both on a standalone basis and relative to the US, helps explain the… pic.twitter.com/bLJTcfuxuu

Per below, the whole US yield curve shifted up in reaction to the data (see prior post), including the 2-year which traded above 5% as markets pushed to December the expectation of the first rate cut by the #FederalReserve. (Amazing to think that, just four months ago, #markets… pic.twitter.com/gmZDG1xxGU