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Charts That matter-7th Feb

The chart below shows the percent change of Class-8 truck orders for each month compared to the same month a year earlier, which eliminates the effects of seasonality. The year-over-year plunges in December and January are on par with happened during the last transportation recession (wolfstreet.com)

The 2017 tax reform made it easier for U.S. firms to bring profits booked offshore home (no complex gymnastics required), but it did not – change the basic incentive to shift profits and in some cases jobs offshore. Brad Setser

The biggest U.S. emerging-markets debt ETF has grown at an accelerating clip, adding about $2.6 billion in new money so far this year. In the past three years, the fund has more than quadrupled its assets, to $17.5 billion, exceeding the size of the biggest HY bond ETF $HYG

Buy the dip and search for yield is alive and kicking

NDR global recession probability now at 93. Hmmm……

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