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Chartbook: May 23

Exhibit 1

The Treasury is running out of cash.

Treasury General Account cash balance, billions USD

Exhibit 2

Market distortions are emerging.

May 30 and June 1 Treasury bill yields, %

Exhibit 3

UK prices are set to roll over.

Annual change in consumer price indices, %

Exhibit 4

The global terms of trade shock has almost fully reversed.

Citi Terms of Trade Indices, % change from January 3, 2020

Exhibit 5

Economic surprise indices are turning against the euro.

Citi Economic Surprise Indices

Exhibit 6

And gains are starting to unwind.

Nominal effective exchange rate indices, % change from January 3, 2022

Exhibit 7

Rate differentials are tilting toward North America.

Market-implied change in policy rate, %

Exhibit 8

US consumers may have more dry powder than we thought.

Mortgage origination volume by purpose, billions USD

Exhibit 9

Canadian consumers may not.

Average percentage increase in mortgage payment relative to February 2022

Exhibit 10

Nominal rates might be plateauing.

Exchange rate change against dollar, %

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