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China August economic data:
Retail sales (a nominal figure): 0.4% yoy
YTD fixed asset investment (a real figure): -7.2%.
Our domestic demand tracker has fallen to levels even below that during the Shanghai COVID-19 lockdown.
“What is unsustainable will not be sustained.”
Plain speak guide for when to get (nominally) bullish on LT USTs:
Are higher rates & therefore higher interest expense leading to sharp cuts in Entitlements & Defense spending?
If yes, bonds are a buy. If no, bonds are a sell.
1 of these 3 are a bubble: Bonds, USD, or Boomers