The United States: The Q3 GDP update was unchanged at 3.5%. Here are the latest adjustments of the GDP components.
China: These charts show the components of China’s consumer credit and debt-service burden.
The Eurozone: Italian banks have a relatively small liquidity position, making them more vulnerable.
Global Developments: The G4 central banks’ balance sheet is expected to trough next year. Presumably, the Fed will end its quantitative tightening to ensure ample bank reserves (economists are concerned that tight bank reserves will push the benchmark rate above the Fed’s desired range).
Credit: This chart shows the distribution of leveraged loan issuance by rating.
Asia-Pacific: Sales expectations point to further weakness in Japan’s manufacturing sector.
Food for Thought: Immigration and the labor force:
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