BoAFM survey : cash levels down to 4.2% / IMF growth forecast : U.S vs EU divergence / UK core inflation still 4.2% / #Powell : in one word #highforlonger

Powell: "The recent data have clearly not given us greater confidence and instead indicate that it is likely to take longer than expected to achieve that confidence" that inflation will return to 2%. >> macro data keeps coming in strong(er) than expected #highforlonger

The economic divergence between U.S and Europe is staggering / Thread below

BoA FM survey for April : average cash down to 4.2% (4.4%), allocations to equities increased again to 34% overweight, highest since Jan 2022, bond allocation plunged to -14% underweight, the biggest monthly drop since 2003, ''super-core inflation is rising again'' >>>> risk of further eq correction lower/hedging/lightening up continues, more than ever likely as rates stay firm, let alone firmer

Bank of Korea chief says won volatility is a little ‘excessive’ and will intervene if needed >>> partly driven by JPY weakness, risk is CNH will at some point too

Russia told OPEC it would export less oil. It's actually exporting more (surprise?), China and India are propping up Russian oil exports amid sanctions

US to hit Iran with new sanctions in "coming days", Yellen says

Frozen Russian assets ‘will help fund Ukraine’ as G7 deal nears

IMF has cut Germany's GDP in 2024 to 0.2%, after projecting a 0.5% rise in its Jan. Europe's biggest economy is predicted to have the weakest growth of all G7 industrialized nations for the current year. For 2025, IMF revised German growth to 1.3% from prev 1.6% >>> persistent weak consumer sentiment, structural problems, working population etc. Global growth unch at 3.2%

"Long Treasuries are once again yielding more than stocks. For a generation that had grown accustomed to a stock market that yielded more, making asset allocation decisions much easier, this development makes life much harder''

UK inflation drops to 3.2% in March as Bank of England hints at rate cuts >>> with core inflation at still 4.2% ?