Why are swap spreads today as negative as they had been in the worst parts of April? Why is Swiss franc nearly as strong? Consumer prices undershooting and even turning negative offer a bigtime clue. As does the latest from Chinese and American factories. It’s not one big thing like April, it’s all the little things which keep coming up and piling on.
Eurodollar University's Money & Macro Analysis
Bloomberg Swiss Inflation Turns Negative for First Time in Four Years
https://www.bloomberg.com/news/articles/2025-06-03/swiss-inflation-turns-negative-for-first-time-in-four-years
Bloomberg Euro-Zone Inflation Slows Below 2%, Backing More ECB Cuts
https://www.bloomberg.com/news/articles/2025-06-03/euro-zone-inflation-slows-below-2-backing-more-ecb-rate-cuts
Bloomberg RBA’s Hunter Sees US Tariffs Dragging on Australian Growth, Jobs
https://www.bloomberg.com/news/articles/2025-06-03/rba-s-hunter-sees-us-tariffs-dragging-on-australian-growth-jobs
OECD Economic Outlook, Volume 2025 Issue 1
https://www.oecd.org/en/publications/oecd-economic-outlook-volume-2025-issue-1_83363382-en.html
CNBC U.S. growth forecast cut sharply by OECD as Trump tariffs sour global outlook
https://www.cnbc.com/2025/06/03/us-growth-forecast-cut-further-by-oecd-as-trump-tariffs-sour-outlook.html
Bloomberg China’s Private Factory Gauge Plunges to Weakest Since 2022
https://www.bloomberg.com/news/articles/2025-06-03/china-private-factory-gauge-unexpectedly-shrinks-after-us-truce
https://www.eurodollar.university
Twitter: https://twitter.com/JeffSnider_EDU
