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Notes on charts, 1 May 2024
The onshore CNY yield curve has flattened and may be inverting:
So the FX forward curve is steepening:
Short-term funding markets
Central bank balance sheets
Federal Reserve balance sheet
Tax day has come and gone in the US:
Here is the tax flow on US commercial banks’ balance sheet (reporting is one week behind the Fed):
Fed’s balance sheet is still contracting. Following today’s FOMC announcement, contraction will be slower:
ON RRP is below $500 billion:
ECB balance sheet
Contraction is proceeding also in the eurozone:
PBOC balance sheet
This seems to be relatively normal seasonal contraction after the Lunar New Year:
Stablecoins
At some point, holders of money-like instruments will surely begin to demand interest: