Flash Note 09/06/2016 In such circumstances, it is a good moment to

Flash Note
09/06/2016
Alex Fusté
@AlexfusteAlex
[email protected]
In such circumstances, it is a good moment
to...
Jobless claims (This series tracks how many new
people is filing for unemployment benefits).
This extremely relevant information for the macroeconomic
assessment, shows a very positive picture of the U.S job market
situation (and thus, the own economy).
Booms are certainly something to watch. Admittedly, the labor
market boom could be something dangerous if were hand in
Este documento ha sido realizado por Andbank, principalmente para su distribución interna e inversores profesionales. Este
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hand with other booms (or bubbles) in some key areas such as
households credits, housing, etc..
Looking at chart below, I certainly can not assert that there is a
credit bubble in the US economy, which leads me to believe that
the strength of the labor market may be more durable than
many think.
Given this reality, my question is simple: How much longer does
Miss Yellen want to feed the risk of misallocation of capital &
risk, by keeping rates (manipulated) at a level well below the
natural rate (Wicksellian rate)?
In such circumstances, and seeing what I have just shown you,
according to our economic logic, now it is a good time to sell
Treasuries and buy dollars.
Kind regards,
Alex Fusté
Chief Economist
Andbank
Este documento ha sido realizado por Andbank, principalmente para su distribución interna e inversores profesionales. Este
documento no debe ser considerado como consejo de inversión ni una recomendación de compra de ningún activo, producto
o estrategia. Las referencias a cualquier emisor o título, no pretenden ser ninguna recomendación de compra o venta de
dichos títulos.