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DC Lite #149
5 of Wednesday's best charts and insights
Welcome back to DC Lite: Daily Chartbook’s free, entry-level newsletter containing 5 of the day’s best charts & insights. Upgrade to get all 30 charts.
1. Tightening impact. "The impact of monetary tightening has been much lower than most people (including central bankers) expected two years ago ... thanks to a combination of debtors (both household and corporate) terming out their loans and rapid growth in nominal incomes."
2. Energy production vs. consumption. 2023 US energy "production exceeded consumption by 9 quads, more than at any other time in our records, which date to 1949."
3. Retail flows (I). "Daily net purchases of US-listed securities have now failed to cross above the US$1bn threshold for 45 consecutive trading days, the longest streak of the post-pandemic era."
4. Momentum exposure. "Momentum is now the most crowded factor group, where funds have shifted from a record low 14% underweight in 2022 to nearly 30% overweight today. Meanwhile, Value remains the most underweight group."
5. Performance breadth. "The current 8% share of S&P 500 index constituents returning 30% or more through June is roughly in line with the 10% historical average since 1990, implying 2024 is fairly typical of past years."