Americas   US Economic Data hit a high mark with Q1 2019 GDP reaching +3.2% annualized growth, topping all forecasts that averaged +2.3%. Consumer spending was up +1.2%, better than expected, with gains in inventories (+0.7%) and net exports (+1.0%) also more supportive than expected.  Conventionally, these last two categories…

OPEC Oil Production   fell slightly in April to 30.23 million barrels per day (mbpd), reaching cuts of 1.2 mbpd or about 300,000 bpd lower than their target of 812,000 bpd. This is the lowest level since 2015.  The next meeting is in June and with prices just above $60…

Americas   Economic Data for US Q4 2018 GDP was revised lower to +2.2%, as consumption grew less than forecast but everyone has moved onto Q1 2019 and the year as a whole. With the Federal government partial shut-down through January 25th, GDP for Q1 2019 is on the top…

Big Bond Events: China and Saudi Aramco   China and Saudi Aramco instigated two significant shifts in their bond markets that will impact global investors.  First, Bloomberg has begun including Chinese government and bank bonds in its primary global bond index, one which should cause potentially trillions of dollars to…