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Chart of the Week - A Small Pivot
This week: Global Monetary Policy Pulse, Industrial Metals, Crude Oil, Gold and Silver, Agri commodities, US Treasuries, Tech Sector troubles...
Check out the full archives of the Chart Of The Week for more interesting charts.
Chart of the Week - A Small (Monetary Policy) Pivot
Small Central Bank Interest Rate Decision Tracker: Back again onto one of my favorite charts — this one tracks monetary policy interest rate moves across the smaller and developing country central banks.
I like to track this group as they tend to be more sensitive to the ebb and flow of global growth/inflation tides, and hence you usually see early trend changes in global monetary settings here first.
So it’s very interesting then to see the pace of rate hikes clearly peaking, and even an initial stirring in the rate cut tracker line.
Not shown here, but it’s also worth noting that the proportion of this group of central banks in rate hiking mode has also peaked and begun to roll over (down to 84% from a peak of 86% — which was a record high).
Definitely an interesting development as the cycle comes full circle.
Key point: Smaller central banks seem to be turning the corner on rate hikes.
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Topics covered in the latest Weekly Insights Report
Aside from the chart above, we looked at several other charts, and explored some of the most important macro-market developments in progress at the moment:
Global Policy Pulse: tracking the path of monetary policy at a global level.
Industrial Metals: review of the upside + downside risks for base metals.
Crude Oil: piercing through the complexity and noise in energy prices.
Gold: why the best things about gold might be its worst nightmare.
Agri: some surprising developments and charts on agri commodities.
US Treasuries: checking in on the latest moves in yields.
Tech Sector: why the process is still early, and what to keep an eye on.
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p.s. if anyone was curious, the central banks in that chart whomst are cutting interest rates are: Uzbekistan, DRC (Congo), Angola, and Tajikistan. They join the slightly more mainstream central banks of Russia, China, and Turkey in cutting interest rates. Yes an odd and diverse bunch, but that’s precisely the point!