Striking chart from Deutsche:

More signs central bankers in Europe don’t want to be held back by Fed troubles with sticky inflation

Just 12 companies have led the S&P by market cap since 1926; AT&T, Apple, Cisco, duPont, Exxon Mobil, Exxon Corp, Standard Oil of NJ, General Electric, General Motors, International Business Machines, Microsoft, Philip Morris, Wal-Mart, and now Nvidia. nytimes.com/2024/06/18/tec…

According to a recent BofA survey wealthy young people: 1. See real estate as the greatest opportunity for $ closely followed by crypto 2. U.S. stocks are last (!!) 3. Bc 72% of the youth (!) say "it is no longer possible to achieve above average investment returns in stocks

In theory, shadow banks make the system more resilient by taking risks out of actual banks. In reality, "dependencies turn into vectors of shock transmission and amplification, forcing authorities to intervene and to do so en masse," per this spicy New York Fed post.

Good news on inflation! U.S. consumer prices FELL 0.1 percent in June, and were up just 3 percent from a year earlier. "Core" prices, stripping out volatile food and fuel, were up 0.1 percent from May and 3.3 percent from last June. Data: bls.gov/news.release/c……Live coverage:

Good story. Map well with the WSJ story early this week. While the US talks about tariffs and falls in trade, China continues to export its way out of its property slump -- with enormous global implications nytimes.com/2025/06/17/bus…