Weekly Cryptocurrency Dashboard – November 5, 2021
Crypto has had a decent week. Ethereum hit a new all-time-high on Wednesday ($4,661.04) and is currently trading above $4,500. Bitcoin has stayed steady in the $60-62 thousand range.
Supply Chain Disruptions Won’t Quit
Our aggregate of most-watched measures at least tangentially connected to the supply chain continues to paint a picture of dysfunction. Auto prices to supplier delivery times have punched to the worst levels since the pandemic (and really in history) at +3.4 standard deviations above average.
Inflation Roundup – November 4, 2021
10-year inflation expectations hit a brick wall last week after reaching widening extremes. Range-trading most likely moving forward.
Central Bank Update – November 3, 2021
Announcements, Weighted Shadow Rates, Shadow Rate Forecasts, Hawkish vs Dovish Sentiment, Mandate Priorities, Transitory Inflation, Passive Language, Agreement, and Uncertainty.
US Credit Update – November 2, 2021
Fixed Income and Corporate Sector Returns, Options-Adjusted Spreads, Rich/Cheap, Credit ETF Flows, and Issuance Recap
Commodities Update – November 2, 2021
Natural gas prices dropped after Russian gas began trickling into Europe. OPEC+ meets this Thursday, pump prices are expected to fall by December.
Investor Flows – Risk-On, but of the Inflation and Large Cap Variety
Investors have redirected flows into large caps after favoring cyclicals and small caps for the majority of October. Large caps reaped a sizable $31.2 billion over the past month or 48.3% of all in-flows. Inflation protection remains the most enduring theme, while investment grade corporates and sovereigns struggle to gain interest.