- MacroVisor
- Posts
- Breakfast Bites - Euro Area avoids a recession
Breakfast Bites - Euro Area avoids a recession
China 10Y yields fall to 22 year low; CN & HK market declines; Germany also avoids a technical recession; US Treasury lowers funding estimate
Macro Visor
January 30, 2024
Rise and shine everyone.
The S&P 500 hit another all-time high yesterday after the US Treasury announced a lower-than-expected overall funding requirement. The Treasury is expected to borrow $760B vs $816B prior estimate during the Jan-Mar 2024 quarter and $202B vs. $410B prior estimate in the Apr-Jun quarter. That’s a total reduction of $264B, assuming an end-of-quarter cash balance of $750B. The cash balance is currently higher at $769B. Lower rates and relatively higher tax receipts have lowered the borrowing need. However, it’s important to remember, that the Treasury often revises their borrowing needs so this may not be the final take.
Subscribe to Premium to read the rest.
Become a paying subscriber of Premium to get access to this post and other subscriber-only content.
Already a paying subscriber? Sign In.
A subscription gets you:
- • Ideas - Macro Thematic Ideas for Trading and Investing
- • Themes - Exclusive Long-Form Thematic Research, Identifying Trends and Opportunities
- • Portfolio - Long-Term Foundational Investing Picks
- • Weekly Dashboard - Outlook on the Markets and Asset Classes - US, Developing Markets, Emerging Markets, Commodities, FX
- • Breakfast Bites - Analysis of developments around the world and their potential impacts on the economy and markets
Reply