ISM Services in Contraction for the First Time Since December 2022
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Economic activity in the services sector contracted in April for the first
time since December 2022, ending a period of 15 consecutive months of
growth.
2022-05-18
Chinese Yields Slide Again
There is some optimism around China reopening, but I'm not buying it yet. The Chinese 10-year yield went negative again relative to the U.S. 10-year. This puts pressure on the yuan because it diverts idle dollars away from China (such as exporter earnings), and longer-term the Chinese and emerging markets funds are correlated with the direction of this rate spread.
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