Back To Basics!

As we reach the end of the first half of this roller coaster year, and as the transmission of the monetary policy ensues, the macro picture across the world is now conveying clear signals about the future trajectory of growth and inflation.

Inflation, as expected, is finally behaving thanks to a confluence of factors, whereas growth is grinding to a halt as consumers run out of excess savings and the labor market loses steam, albeit slowly.

With this backdrop, today, we will dig deeper into the economic data of the past two weeks and look at where we stand today across the credit markets.

Note that we already discussed in length about the equity markets last week.