Bottom-line: 견고한 노동시장은 인플레이션을 억제하려는 중앙은행의 노력, 그리고 경기침체가 임박했다는 경제학자들의 주장이 무시되고 있음. 물론 근로자에겐 이같은 노동시장의 활황이 좋은 일이지만, 조달비용이 높아지고 성장률이 둔화되는 중에 실업률만 낮은 상황이 임금의 상방압력과 가계소비의 탄력을 만들면서 인플레이션을 통제하려는 중앙은행에 어려움을 주고있음. OECD 38개 회원국 중 80%가 바이러스 대확산 이전 혹은 그 수준의 낮은 실업률에 머무르고 있음. 전반적인 노동시장의 강세가 소비를 강하게 지탱시켜주고 있음. 이처럼 고용시장이 지속 견조하다면 중앙은행은 완화적 태도로 돌아서기 어려울 것임.
Robust labor markets are defying central bankers’ efforts to tamp down inflation and economists’ predictions that recession is just around the corner. The strong job market is good for workers. But it’s bad for inflation, signalling to the world’s central banks, which are raising interest rates at the most aggressive pace in decades, that they can’t ease up. As borrowing costs surge and growth slows, unemployment rates are not rising. Instead, companies across developed economies are complaining of chronic worker shortages. A persistent mismatch between demand for new hires and the supply of workers is supporting wages and shielding consumers from slowdowns just when central banks need fading demand to cool inflation. As of September, employment across manufacturers and service providers globally had climbed each month for the last two years, according to a JPMorgan Chase & Co. gauge produced by S&P Global. And the OECD said unemployment in its 38 member nations reached 4.9% in August. The rate was below or equal to the pre-pandemic level in 80% of the countries. “You do see broad-based strength in labor markets,” said Joseph Lupton, global economist at JPMorgan. “Strong job growth is absolutely the central support for the consumer.”. When and if job growth starts to crack will help determine when central banks can slow or even stop raising rates. So long as hiring remains resilient, they may be reluctant to ease up.
Robust labor markets are defying central bankers’ efforts to tamp down inflation and economists’ predictions that recession is just around the corner. The strong job market is good for workers. But it’s bad for inflation, signalling to the world’s central banks, which are raising interest rates at the most aggressive pace in decades, that they can’t ease up. As borrowing costs surge and growth slows, unemployment rates are not rising. Instead, companies across developed economies are complaining of chronic worker shortages. A persistent mismatch between demand for new hires and the supply of workers is supporting wages and shielding consumers from slowdowns just when central banks need fading demand to cool inflation. As of September, employment across manufacturers and service providers globally had climbed each month for the last two years, according to a JPMorgan Chase & Co. gauge produced by S&P Global. And the OECD said unemployment in its 38 member nations reached 4.9% in August. The rate was below or equal to the pre-pandemic level in 80% of the countries. “You do see broad-based strength in labor markets,” said Joseph Lupton, global economist at JPMorgan. “Strong job growth is absolutely the central support for the consumer.”. When and if job growth starts to crack will help determine when central banks can slow or even stop raising rates. So long as hiring remains resilient, they may be reluctant to ease up.
Docent: 상장 이후 유통시장에서 거래를 한다면, 이전 시장에서도 투자를 주도하는 사모펀드의 움직임을 주시할 필요가 있기에 도슨트 함. 드라이 파우더는 투자를 위탁받은 자금이 투자처를 찾지 못하고 펀드에 현금으로 남아있는 것을 말함. 사모펀드의 드라이 파우더가 증가하고 있음. 낮은 조달금리 하에서 현금 뿐만 아니라 레버리지까지 사용해 투자를 하고, 넘치는 유동성으로 인해 더 높은 가치평가를 받고 투자금을 회수하는 순환이 반복됐으며, 이런 투자형태는 대확산 시기 때 조차도 흔들리지 않았음. 그러나 올해 초 러시아의 우크라이나 침공 이후 치솟은 인플레이션과 이를 통제하기 위한 정책금리 인상에 따라 사모펀드들은 더 높은 조달비용, 더 낮은 기대 수익률, 불확실한 투자환경에 놓이게 됨. 이에 따라 현금을 집행하지 말고 상황이 나아질 때까지 보류하란 요청도 있으며, 운용역 입장에서도 마땅한 투자처를 찾지 못해 시한을 두고 집행해야 하는 현금은 쌓여만 가니 압박에 시달린단 것임. 시장에서는 유동성 부족이라 하지만 이쪽 업계에서는 투자금이 유휴현금 상태로 머물러 있음. 통계를 보면 10월 사모펀드 집행자금은 약 300억 달러로 대확산 이후 가장 낮은 수준임.
Time is ticking away for private equity firms to get ready for their next wave of deals. Rising interest rates, inflation and recession risks have eroded consumer confidence and left buyout firms facing a new reality of higher financing costs and potentially lower returns. None of which changes the fact there’s more than $1 trillion sitting in their funds that needs to be spent. “People say there’s no financing available but then our clients are telling us ‘we have a big fund that we have to deploy,” said Umberto Giacometti, co-head of financial sponsors in Europe, the Middle East and Africa at Nomura Holdings Inc. “If you need to deploy, say, $10 billion in four years, and don’t do anything for sixth months, you are under pressure.”. The shift is profound for an asset class that for more than a decade was flooded with cash from investors hunting yield in a low-interest rate environment. Those same rates allowed firms to pile debt onto deals to amplify returns, while rising valuations offered exit routes at healthy premiums. So it went, even through the depths of the Covid-19 crisis. Things began to slow in early 2022 on creeping fears about inflation and rising rates -- trends that accelerated after Russia invaded Ukraine. Private equity spending stands at roughly $30 billion in October, according to data compiled by Bloomberg -- the lowest monthly outlay since early in the pandemic. Some investors have even asked firms to stop deploying capital while they seek to build cash buffers. “It’s really not that we’ve got nothing to do, on the contrary,” said Burc Hesse, a corporate private equity partner at law firm Latham & Watkins LLP in Germany. “There’s still lots of dry powder and many buyout firms have closed funds last year, so they will deploy.”
Time is ticking away for private equity firms to get ready for their next wave of deals. Rising interest rates, inflation and recession risks have eroded consumer confidence and left buyout firms facing a new reality of higher financing costs and potentially lower returns. None of which changes the fact there’s more than $1 trillion sitting in their funds that needs to be spent. “People say there’s no financing available but then our clients are telling us ‘we have a big fund that we have to deploy,” said Umberto Giacometti, co-head of financial sponsors in Europe, the Middle East and Africa at Nomura Holdings Inc. “If you need to deploy, say, $10 billion in four years, and don’t do anything for sixth months, you are under pressure.”. The shift is profound for an asset class that for more than a decade was flooded with cash from investors hunting yield in a low-interest rate environment. Those same rates allowed firms to pile debt onto deals to amplify returns, while rising valuations offered exit routes at healthy premiums. So it went, even through the depths of the Covid-19 crisis. Things began to slow in early 2022 on creeping fears about inflation and rising rates -- trends that accelerated after Russia invaded Ukraine. Private equity spending stands at roughly $30 billion in October, according to data compiled by Bloomberg -- the lowest monthly outlay since early in the pandemic. Some investors have even asked firms to stop deploying capital while they seek to build cash buffers. “It’s really not that we’ve got nothing to do, on the contrary,” said Burc Hesse, a corporate private equity partner at law firm Latham & Watkins LLP in Germany. “There’s still lots of dry powder and many buyout firms have closed funds last year, so they will deploy.”
Euro-area inflation surged to a fresh all-time high, while the bloc’s economy lost momentum -- reinforcing fears that a recession is now all-but unavoidable.
Bottom-line: 1929년, 1987년, 2008년 때문에 10월은 공포의 달로 생각될 수 있지만, 두 가지 측면에서 긍정적의 시작일 수도 있음. 과거 17번의 약세 시장국면을 끝낸 '곰 사냥꾼'으로써 10월은 6번의 역할을 했음. 또한 중간선거와 관련해 계절성이 있는데, 대통령 임기의 16개 분기 중 중간선거가 있는 4분기와 다음 해 1분기가 가장 강한 수익률을 보였다는 것임. 이런 일이 다시 반복될 수 있을까?
Although October can evoke fear on Wall Street following stock market crashes in 1929, 1987 and 2008, it’s living up to its reputation as the best month in US midterm election years. Now traders are holding out hope that this October will follow a historical pattern of being a “bear-market killer” following a turbulent year for US equities. The S&P 500 Index has surged nearly 9% this month, putting it on track for its biggest monthly gain since July and its second-best month in nearly two years. When stocks do poorly in September, a rebound tends to be common. In fact, midterm years have typically been quite strong in October, with the index rising 2.7% on average during the month since 1950, according to The Stock Trader’s Almanac. October earned its reputation as “bear killer” after turning the tide in six of the past 17 bear or near-bear markets since World War II, according to Ryan Detrick, chief market strategist at Carson Group. And when it comes to elections, the fourth quarter of midterm years and the following first quarter historically have been the two strongest of the 16-quarter presidential cycle, delivering average gains of 6.4% and 6.9% respectively for the S&P 500, according to investment research firm CFRA. “While October has a reputation for crashes, it is really a bear market killer,” Detrick wrote in a note. “Could it happen again? With sentiment this pessimistic and extremely positive seasonals right around the corner, we’d be open to it.”.
Although October can evoke fear on Wall Street following stock market crashes in 1929, 1987 and 2008, it’s living up to its reputation as the best month in US midterm election years. Now traders are holding out hope that this October will follow a historical pattern of being a “bear-market killer” following a turbulent year for US equities. The S&P 500 Index has surged nearly 9% this month, putting it on track for its biggest monthly gain since July and its second-best month in nearly two years. When stocks do poorly in September, a rebound tends to be common. In fact, midterm years have typically been quite strong in October, with the index rising 2.7% on average during the month since 1950, according to The Stock Trader’s Almanac. October earned its reputation as “bear killer” after turning the tide in six of the past 17 bear or near-bear markets since World War II, according to Ryan Detrick, chief market strategist at Carson Group. And when it comes to elections, the fourth quarter of midterm years and the following first quarter historically have been the two strongest of the 16-quarter presidential cycle, delivering average gains of 6.4% and 6.9% respectively for the S&P 500, according to investment research firm CFRA. “While October has a reputation for crashes, it is really a bear market killer,” Detrick wrote in a note. “Could it happen again? With sentiment this pessimistic and extremely positive seasonals right around the corner, we’d be open to it.”.
In Case You Missed It
• 정책금리 인상에 따른 채권 회피 현상
• 물가지표 쇼크에도 반등한 이유는?
• 주가 반등을 크게 만든 알고리즘 매매
• 정책금리 6%가 될 수 있는 경우는?
• 옵션에 대한 개인적 생각
• 변동성은 왜 낮을까에 대한 사담
• R*와 R**에 대한 사담
• R**는 출구를 위한 변명일까?
• 파월은 어떤 사람으로 기억되고 싶을까?
• 정책금리 인상에 따른 채권 회피 현상
• 물가지표 쇼크에도 반등한 이유는?
• 주가 반등을 크게 만든 알고리즘 매매
• 정책금리 6%가 될 수 있는 경우는?
• 옵션에 대한 개인적 생각
• 변동성은 왜 낮을까에 대한 사담
• R*와 R**에 대한 사담
• R**는 출구를 위한 변명일까?
• 파월은 어떤 사람으로 기억되고 싶을까?
Bottom-line: 바이러스 억제 정책을 완화하는데 대한 움직임 없다고 답변함.
Chinese Foreign Ministry spokesman Zhao Lijian said he’s “not aware of what you mentioned,” when asked whether the government formed a committee to assess ways to exit Covid Zero.
'unconfirmed social media posts speculating that a committee was being formed to assess scenarios on how to exit Covid Zero.'
Chinese Foreign Ministry spokesman Zhao Lijian said he’s “not aware of what you mentioned,” when asked whether the government formed a committee to assess ways to exit Covid Zero.
'unconfirmed social media posts speculating that a committee was being formed to assess scenarios on how to exit Covid Zero.'
Bottom-line: 이미 많은 국채 수익률 차이를 계산하는 방식이 0 이하로 떨어진 상태에서 중앙은행이 가장 주시한다는 3개월-18개월 차이가 0에 근접하고 있음. 이에 따라 4.34%로 2007년 이후 최고치를 기록했던 미국 국채 10년물 금리가 3.94%까지 하락하며 채권 랠리를 이어가고 있음. 지난 3월 많은 채권 거래자들이 국채 2년물 금리가 국채 10년물 금리를 상회할 때 경고했던 경기침체의 위험을 파월은 잘못됐다 말하면서 3개월-18개월 수익률 차이를 보자고 했었음. 만일 이 수익률이 역전되면 경기가 약해졌다는 이야기고, 금리를 인하할 수 있다고 했기 때문임.
Bonds rallied ahead of what promises to be the Federal Reserve’s fifth-straight outsized rate hike later this week amid fresh warnings that a recession is inevitable as the central bank continues to tighten policy. The yield on 10-year Treasuries fell as much as 11 basis points to 3.94%, compared to a peak of 4.34% last month, the highest since 2007. Traders are looking ahead to ISM manufacturing data for further clues on the state of the US economy before the Fed sets policy on Wednesday, where another three-quarter point hike looks like a near certainty. Bund yields fell 10 basis points to 2.05%. The rush for bonds comes as Chair Jerome Powell’s favored portion of the yield curve -- the difference between where three-month rates are now versus where they are expected to be in 18 months’ time -- is on the cusp of inverting, with the spread between the two tumbling to a mere 0.2 percentage points Tuesday from 2.7 percentage points in April. An inverted yield curve is a key warning sign for many investors that a recession is coming as the market begins to price in an end to tighter policy and braces for lower rates in the future to soften the blow of a looming slowdown. Many closely-watched spreads in the Treasury market have already flipped below zero. In March, Powell downplayed the significance of two-year yields rising above 10-year rates -- an often-cited harbinger of recession. He argued traders were looking at the wrong metric and that the shorter-end measure gives a clearer read because “if it’s inverted, that means the Fed’s going to cut, which means the economy is weak.”.
Bonds rallied ahead of what promises to be the Federal Reserve’s fifth-straight outsized rate hike later this week amid fresh warnings that a recession is inevitable as the central bank continues to tighten policy. The yield on 10-year Treasuries fell as much as 11 basis points to 3.94%, compared to a peak of 4.34% last month, the highest since 2007. Traders are looking ahead to ISM manufacturing data for further clues on the state of the US economy before the Fed sets policy on Wednesday, where another three-quarter point hike looks like a near certainty. Bund yields fell 10 basis points to 2.05%. The rush for bonds comes as Chair Jerome Powell’s favored portion of the yield curve -- the difference between where three-month rates are now versus where they are expected to be in 18 months’ time -- is on the cusp of inverting, with the spread between the two tumbling to a mere 0.2 percentage points Tuesday from 2.7 percentage points in April. An inverted yield curve is a key warning sign for many investors that a recession is coming as the market begins to price in an end to tighter policy and braces for lower rates in the future to soften the blow of a looming slowdown. Many closely-watched spreads in the Treasury market have already flipped below zero. In March, Powell downplayed the significance of two-year yields rising above 10-year rates -- an often-cited harbinger of recession. He argued traders were looking at the wrong metric and that the shorter-end measure gives a clearer read because “if it’s inverted, that means the Fed’s going to cut, which means the economy is weak.”.
Bottom-line: 이렇게 좋을지 몰랐고, 중앙은행을 압박할 것임.
Job Openings in US Unexpectedly Rise, Keeping Pressure on Fed.
Job Openings in US Unexpectedly Rise, Keeping Pressure on Fed.
The Treasury curve flattened after the US October manufacturing report beat estimates, even as prices eased. Components of new orders, production and employment rose. At the same time, prices paid fell into contraction and to the lowest since the start of the pandemic. Backlogs and supplier deliveries also slipped into contraction -- meaning product snarls are easing. The net of the report is that demand remains strong and prices are declining. While the latter is good news for the Fed, demand remains firm, and the central bank has said it cannot take the foot off tightening for fear of inflation resurging again.
Bottom-line: 고용시장 지표에서 여전히 일자리가 풍족하며 노동자를 구하는데 어려움이 있다는 것을 알 수 있었음. 제조업 지표에서는 신규 주문, 생산, 고용이 상승하며 여전히 강한 수요를 확인시켰음. 이는 중앙은행이 속도를 조절 할 것이란 기대를 무산시킴. 강한 고용에 대한 욕구는 기업들의 단기 수요에 대한 자신감에서 발현되었고, 이는 임금상승과 가계소비 증가를 견인할 것이므로 중앙은행에 압박으로 작용함. 칸서스나 달라스 제조업 지표에서도 직무 전문성을 위해 직원을 교육하는데 자원을 투입하거나, 직원이 상당히 부족해 적극적 고용의 의사가 있다고 답변했었음.
The labor market remains plenty strong. That might lend to more flattening of the Treasury curve. As we’ve flagged earlier, today’s JOLTS report showed a surprise jump in job vacancies, potentially frustrating the Fed’s downshift plan. Plus, the October ISM manufacturing signaled new orders, production and employment components rose as demand remains strong. Like in September, mentions of large-scale layoffs were absent from ISM panelists’ comments. And survey panelists said they continue to carefully manage hiring. That may indicate companies are confident of near-term demand. A strong appetite for labor fuels wage gains, strengthens consumer demand and adds to what has been described as much too high inflation. That keeps pressure on the Fed to keep on tightening. Meanwhile, last week’s Kansas City Fed factory survey showed 65% of firms devoting significantly or slightly more resources to training workers in order to meet skill requirements. This shows a commitment to current workforces. And as mentioned Monday, 62.8% of firms report being short staffed, according to the most recent Dallas Fed business outlook survey. More than half of those firms actively engaged potential workers. Those are all signals of a strong job market and reasons for Fed tightening and curve narrowing to continue.
The labor market remains plenty strong. That might lend to more flattening of the Treasury curve. As we’ve flagged earlier, today’s JOLTS report showed a surprise jump in job vacancies, potentially frustrating the Fed’s downshift plan. Plus, the October ISM manufacturing signaled new orders, production and employment components rose as demand remains strong. Like in September, mentions of large-scale layoffs were absent from ISM panelists’ comments. And survey panelists said they continue to carefully manage hiring. That may indicate companies are confident of near-term demand. A strong appetite for labor fuels wage gains, strengthens consumer demand and adds to what has been described as much too high inflation. That keeps pressure on the Fed to keep on tightening. Meanwhile, last week’s Kansas City Fed factory survey showed 65% of firms devoting significantly or slightly more resources to training workers in order to meet skill requirements. This shows a commitment to current workforces. And as mentioned Monday, 62.8% of firms report being short staffed, according to the most recent Dallas Fed business outlook survey. More than half of those firms actively engaged potential workers. Those are all signals of a strong job market and reasons for Fed tightening and curve narrowing to continue.
Bottom-line: 래리 서머스는 중앙은행의 금리인상이 중단되어야 한다는 목소리가 커지는 것에 대해 경계해야 한다고 주장함. 바이러스 대확산 이후 경제 전문가들의 인플레이션에 대한 예상은 지속 틀려왔으며, 핵심물가지수가 6%를 넘어가는 시기에 정책금리 4%의 수준으로 물가가 2%까지 떨어질 수 있다고 진심으로 믿는 사람이 있는가라고 반문하면서, 중앙은행이 지금의 길을 그대로 가야 한다고 주장함.
Former Treasury Secretary Larry Summers says in a tweet that the “growing chorus” for the Fed to pause interest rate hikes very soon is “badly misguided.”. The president emeritus of Harvard University says that this is “consensus of economists who have a track record, since COVID, of being dismally wrong on inflation.”. He adds that history shows that the Fed has paused too soon many times and asks, “Does anyone really believe that raising rates beyond 4 will bring core inflation from well above 6 percent down below 2 percent?”. He concludes that the Federal Reserve should “stay on the current course and then evaluate things.”.
Former Treasury Secretary Larry Summers says in a tweet that the “growing chorus” for the Fed to pause interest rate hikes very soon is “badly misguided.”. The president emeritus of Harvard University says that this is “consensus of economists who have a track record, since COVID, of being dismally wrong on inflation.”. He adds that history shows that the Fed has paused too soon many times and asks, “Does anyone really believe that raising rates beyond 4 will bring core inflation from well above 6 percent down below 2 percent?”. He concludes that the Federal Reserve should “stay on the current course and then evaluate things.”.
Bottom-line: 세계 최대의 해운사인 머스크가 중앙은행의 금리결정을 몇 시간 앞두고 수요 약화로 컨테이너 수요가 4% 감소할 것이라 발표했음. 하지만 인플레이션이 완화되길 바라는 투자자에겐 수요 둔화가 인플레이션을 진작시킬 것이란 기대에 나쁜 뉴스가 있었음. 바이러스 대확산 이후 지속되는 비용 압력이 에너지 가격과 노동력 부족으로 인해 지속될 것이라 말하며, 공급망 전반에 걸친 비용 상승이 예상된다고 함. 이런 머스크의 발언은 인플레이션을 진정시키려고 하는 중앙은행에게 보내는 새로운 경고임. 특히 그는 에너지 비용 외에 임금과 관련하여 많은 국가에 걸쳐 '매우 매우 강한' 노동시장이 형성되어 있다고 발언하며 이 지점에서 갑작스럽게 인플레이션이 하락할 수 있다면 그건 놀라운 일이라 발언함.
One of the world’s biggest shipping companies just issued a downbeat assessment of the global economy, saying container demand will fall as much as 4% this year. For those hoping this will rapidly cool inflation, it had more bad news. Alongside its demand downgrade, A.P. Moller-Maersk A/S said the price pressures that have come to dominate the post-pandemic economy -- while easing a bit -- are going to stick around for a while as elevated energy prices and labor shortages prop up costs across supply chains. The outlook from Maersk, which moves millions of containers around the world every year, is a fresh warning for central banks that their inflation battles may be far from over. It comes hours before the Federal Reserve is expected to deliver a fourth jumbo interest-rate increase and reiterate that it remains steadfast in its task. The European Central Bank hiked last week at a second straight meeting, and the Bank of England is due to lift its benchmark on Thursday. “Freight rates are coming down -- that will detract from inflation -- but we still have very high energy costs and we also have a very, very strong labor market in most countries,” Maersk Chief Executive Soren Skou said on Bloomberg Television. “So I’d be surprised if inflation comes down rapidly from here.”
One of the world’s biggest shipping companies just issued a downbeat assessment of the global economy, saying container demand will fall as much as 4% this year. For those hoping this will rapidly cool inflation, it had more bad news. Alongside its demand downgrade, A.P. Moller-Maersk A/S said the price pressures that have come to dominate the post-pandemic economy -- while easing a bit -- are going to stick around for a while as elevated energy prices and labor shortages prop up costs across supply chains. The outlook from Maersk, which moves millions of containers around the world every year, is a fresh warning for central banks that their inflation battles may be far from over. It comes hours before the Federal Reserve is expected to deliver a fourth jumbo interest-rate increase and reiterate that it remains steadfast in its task. The European Central Bank hiked last week at a second straight meeting, and the Bank of England is due to lift its benchmark on Thursday. “Freight rates are coming down -- that will detract from inflation -- but we still have very high energy costs and we also have a very, very strong labor market in most countries,” Maersk Chief Executive Soren Skou said on Bloomberg Television. “So I’d be surprised if inflation comes down rapidly from here.”