Good morning! Below is Chartcuterie for 3/21/15, cross-posted from Twitter (curated list here).
Last week we wondered why wholesaler inventories are surging. They aren't, when you back out petroleum. (Bespoke)
I snarked about GS last night but this chart is just awesome, showing scale and drivers of commodities supercycles.
And it's a commodities supercycle, not just oil, as passthrough of lower oil reduces other commod cash costs (BAML)
Switching gears, Japanese wage growth is the highest in the millennium, best since 1998. (MS)
In China, GS decomposition of supply/demand of credit suggests demand is weak and conditions tight.
That's not good news for Singapore, which has seen huge flows to EM Asia. (Monetary Auth of Singapore) h/t @barnejek
Jefferies claims FX reserves are rising if you adjust for the rise in the dollar, which seems weird but okay.
Making all of the adjustments to China/commodities/strong dollar harder: EM exports no longer track US imports. (UBS)
Possible slowdowns in two of my three favorite high frequency indicators, but nothing to get worked up over yet.
Meanwhile here's my third favorite "high frequency" (weekly) indicator: tax receipts. Still very strong.
That's it for today! Chartcuterie will be back tomorrow.