(((The Daily Shot)))

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Here's how global assets performed in May. #investing

🇺🇸 US high-frequency dashboard, composed of daily and weekly economic indicators (updated as of May 29, 2026). #economy

Implied correlation for members of the S&P 500 Index has fallen to record-low levels.

The 10-year bond yields 20 years forward between the US and Japan have largely converged. Source: h/t III Capital Management

The share of technology and adjacent sectors has grown to 58% of the S&P 500, while it is just 28% of the S&P 600. Source: Alpine Macro

Based on cross-asset pricing, implied long-term earnings growth is higher in the US than in China.

🇺🇸 With income growth flattening out, consumers dipped into savings to maintain consumption. The savings rate fell to secularly low levels, limiting further support for household spending.

Long-term consensus earnings growth is rising in the US and internationally.

Brazilian inflation-linked bonds offer much higher real yields than those of other emerging markets.

🇺🇸 Real disposable income growth declined for three consecutive months.

These charts show a longer-term view for both the nominal and inflation-adjusted FX rates—the trade-weighted real JPY is trading at the lowest level since 1971.

Food insecurity and financial strain have risen markedly since 2020. Source: Liberty Street Economics, New York Fed libertystreeteconomics.newyorkfed.org/2026/05/food-i…

There’s evidence that AI is unlocking a rise in “solopreneurship.” Source: Stripe Economics stripeeconomics.com/p/solopreneurs…

Nvidia’s 5-year CDS trades below the US sovereign CDS, highlighting the company’s exceptional credit quality. Source: @financialtimes ft.com/content/29adba…

Sales concentration among the largest US firms has intensified since 1960, with the top 1% of companies now accounting for roughly 80% of sales and the top 20 firms generating about half of all sales. Source: @a16z a16z.news/p/charts-of-th…

Trailing three-month stock-bond correlation has reached multi-decade highs.

China’s crude oil imports are on track to hit a decade low in May. Source: Commodity Context via MarketWatch marketwatch.com/story/chinas-h…

The nearly $160 billion of IEEPA tariff refunds are being disbursed rapidly, with almost $20 billion already paid out. Source: Oxford Economics

The “jobs hard to get” less “jobs plentiful” spread edged up and remained near the highest level since early 2021, pointing to renewed upward pressure on the unemployment rate.

Data from a World Gold Council and YouGov survey shows a record 95% of central bank representatives expect global gold reserves to increase over the next year. Source: @chartrdaily