Global PMI Manufacturing and Rolling Yearly Change in the Balance Sheet (FED, ECB, BoJ, PBOC) This chart shows the correlation between the change in global liquidity and the global PMI manufacturing. Image: Swedbank Research
QE in 2020 and Central Banks (the Fed, ECB and BoJ) Central banks’ QE should support financial markets next year. Image: Gavekal, Macrobond
EUR/USD and Differential in Balance Sheet Growth Fed – ECB Chart suggesting that differentials in balance sheet growth between the Fed and the ECB have pushed the U.S. dollar higher. Image: BofA Merrill Lynch Global Research
The European Central Bank (ECB) Balance Sheet Interesting chart showing the ECB balance sheet, component of the Eurosystem. Image: Goldman Sachs
ECB Balance Sheet vs. ECB Deposit Rate It could be difficult to push rates further into negative territory without affecting the profitability and financing capacity of Eurozone banks. Image: Jeroen Blokland
FED, ECB & BoJ Balance Sheets as Percent of GDP (BoJ leading 10 years) Is this chart the “Japanification” of the world? Image: In Gold We Trust-Report
G4 Central Bank Balance Sheet as % of GDP and MSCI World Index G4 central bank balance sheet (Fed, ECB, BoJ, BoE) as % of GDP is expanding. Image: Jeroen Blokland
S&P 500 Total Return and U.S. High Yield/High Grade Usually, flight to quality in credit markets is rarely a good sign for equities, but ECB QE, Fed easing and repo operations should be positive. Image: BofA Merrill Lynch
Five Central Banks With Negative Rates Money markets expect the ECB will cut rates by Q1 2020. Image: Bloomberg