RT @PatyArmendariz: “3 atributos para post-pandemia: resilencia para resolver errores, tener varias opciones para salir, y agilidad para ha…
Mohamed A. El-Erian Fri 12 Mar 2021 15:12

US PPI #inflation numbers are out: In line to somewhat higher than consensus expectations. Overall index is up 2.8% (Year-on-Year) and core 2.5%. The big question for #markets is, as #PPI comes under greater pressure, will this be passed on to the #CPI or will margins be reduced.
Mohamed A. El-Erian Fri 12 Mar 2021 13:37

Volatility in yields continues as does the non-traditional correlation between government #bonds and #stocks (esply NASDAQ) After dipping below 1.50%,the 10-year yield traded above 1.60% this morning and is now at 1.59% The move up in yields has put some pressure on stock futures https://t.co/l5AZq8HKEb
Mohamed A. El-Erian Fri 12 Mar 2021 13:02

And this from @TheEconomist on the risk of economic overheating (which, as detailed in recent tweets and articles , I view as running second to the risk of financial instability — that is, financial overheating). #economy #markets https://t.co/4uRS0aF9vC
Mohamed A. El-Erian Fri 12 Mar 2021 01:47

This, from the @WSJ, is a reminder that not all #investors in #SPACs, including those having invested in the same #SPAC, are exposed to the same risks. Also, there again tends to be a notable difference between the approach of a group of #HedgeFunds and that of retail #investors. https://t.co/9oO9gXP0FO
Mohamed A. El-Erian Thu 11 Mar 2021 21:27

ICYMI, the revised @OECD growth projections. The notable upward revision in global #growth (by 1.4 percentage points to 5.6%) is driven to a significant extent by the organization's much more favorable forecast for the US (revised up by a sizeable 3.3 percentage points to 6.5%). https://t.co/R7Tz54QwaC
Mohamed A. El-Erian Thu 11 Mar 2021 19:42

As to US data, jobless claims came in somewhat better than consensus expectations. Specifically 712,000 versus an expected 725,000 for initial claims; and 4.14 vs 4.20 for continuing. Data consistent with what is (correctly) a spreading upward revision in 2021 US growth prospects
Mohamed A. El-Erian Thu 11 Mar 2021 13:41

.@ECB policy announcement is out. President @Lagarde's press conference will start shortly Facing an economic slowdown and "undue tightening" of financial conditions, The @ECB re-iterated the "low or lower for longer" rate message and Will accelerate the pace of #PEPP purchases.
Mohamed A. El-Erian Thu 11 Mar 2021 13:16

Remember the GameStop volatility? Look at the price range that the stock traded just today: 198-347! I wouldn’t even know where to start to explain this price action. Would you? #investing #markets #gme #gamestop #robinhood @GameStop @RobinhoodApp https://t.co/hB19QZ8bJn
Mohamed A. El-Erian Wed 10 Mar 2021 22:16

Quick Data Update Inflation came in line with consensus market expectation giving a boost to US futures, easing the slight upward pressure on yields–consistent with a balance of risk that was tilted towards a higher inflation rate. #economy #inflation #bonds #investing #investors https://t.co/NWA3oRI8XE
Mohamed A. El-Erian Wed 10 Mar 2021 14:10

As the 1st US fiscal package nears final legislative approval, the #BidenAdministration shifts to the 2nd. The goal, rightly, is to add longer-term pro-productivity/growth support to immediate relief/counter #Covid steps. @FT on the political dimensions: Link
Mohamed A. El-Erian Wed 10 Mar 2021 13:05

RT @ProSyn: After the $1.9 trillion bill passes, the #US will need to move expeditiously on to the #Biden administration’s second proposed…
Mohamed A. El-Erian Wed 10 Mar 2021 12:39

Less of a common general theme in #markets so far this early US morning. #Stocks are narrowly mixed currently as yields on government #bonds edge higher (the 10-year is #trading at 1.56%). #Bitcoin is up 1.5% to over $55,000 (below) as #gold slips 0.5%. #Oil is essentially flat. https://t.co/sSTPugcFCC
Mohamed A. El-Erian Wed 10 Mar 2021 12:09

Good morning. For a long time, the release of the US #inflation data was a non-event for economists/#markets. That's likely to change as we get further into the year Re today's release, consensus expectation is for the CPI inflation rate to edge up.including as energy prices rise https://t.co/PohK99Z8oP
Mohamed A. El-Erian Wed 10 Mar 2021 11:59

RT @ProSyn: After the $1.9 trillion bill passes, the #US will need to move expeditiously on to the #Biden administration’s second proposed…
Mohamed A. El-Erian Wed 10 Mar 2021 02:59

These @McKinsey charts point to 2 important questions for the #economy/#Fed: The speed of recovery for labor participation The severity of cost-push inflationary pressures My take Too slowly if additional targeted measures are not taken One-off rather than an inflationary process https://t.co/hB5qRbRtTF
Mohamed A. El-Erian Wed 10 Mar 2021 02:49

The latest @FT's "Big Read" looks at the changing landscape of the stock market--namely, the "rise of the retail army: the amateur #traders transforming #markets." Link #stocks @katie_martin_fx @RobinWigg #investing #investors #investment #traders @RobinhoodApp https://t.co/zVNdbmFTCn
Mohamed A. El-Erian Tue 09 Mar 2021 22:34

Quite a reversal of the #stocks rotation trade this morning. Once again, it seems driven by (actual and expected) flows as opposed to a notable change in fundamentals. With lower yields, including a 6 bps dip in the 10-year, NASDAQ is surging by over 1% compared to the Dow's 0.6% https://t.co/UUwm1GZ7b2
Mohamed A. El-Erian Tue 09 Mar 2021 15:09

From the @markets article on the “Biggest Yield-GDP Gap Since 1966.” #economy #bonds #growth https://t.co/F3AHQscD1i
Mohamed A. El-Erian Tue 09 Mar 2021 03:18

While this is not a big surprise, it is important nevertheless as A signal of the @FederalReserve's growing confidence about the recovery of the US #economy and the functioning of #markets; and The start of what is likely to be a slow, measured and gradual policy normalization https://t.co/N3Sqnqrzrg
Mohamed A. El-Erian Mon 08 Mar 2021 22:48

This second general rotation, from domestic US to international #stocks, is less obvious IMO--not because current valuations don't favor it but, rather,due to several other considerations I see the case for selective exposures not a general rotation (Headline also from the @WSJ) https://t.co/6azoFlriCt
Mohamed A. El-Erian Mon 08 Mar 2021 21:53

As illustrated by this headline and this chart from the @WSJ, today's continued underperformance of #BigTech (see earlier tweets) has driven the #NASDAQ into correction territory -- and this on a day when the #Dow registered intra-day a new record high. #economy #markets #stocks https://t.co/xbEU2qfTtf
Mohamed A. El-Erian Mon 08 Mar 2021 21:38

RT @CNBC: "He's absolutely right, the fundamentals of Amazon are really strong as are a number of big tech," @elerianm says. He reacts to D…
Mohamed A. El-Erian Mon 08 Mar 2021 17:33

For the reasons cited in my tweets and articles over the last few weeks, the continuing rotation in US #stocks -- highlighted again by today's out-performance of the Dow relative to the NASDAQ (chart below) -- makes total sense in terms of top-down factors and valuations #markets https://t.co/vUggwb4sre
Mohamed A. El-Erian Mon 08 Mar 2021 16:43

RT @LizAnnSonders: Spread between S&P 500 earnings yield & 10y Treasury yield at lowest since 2010 https://t.co/DAf0BZ6W8R
Mohamed A. El-Erian Mon 08 Mar 2021 13:53