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🇺🇸❗️U.S. Monetary Conditions Ease to Highest Since Early March: Cable FX Macro

**As seen in Macro Walk report 04/14/23, subscribe at

  • An indicator of U.S. financial conditions constructed by Bloomberg has risen to show the least monetary stress since early March, preceding the banking crisis

  • U.S. FCI is now positive, meaning that conditions are now easing despite efforts from the Federal Reserve to tighten. We're past one year of policy adjustments by the Fed and financial conditions are easier than when it started hiking rates

  • Behind the move, we note high yield spreads below their 1-year average, muni-tsy spreads extend declines, VIX is now well below 20 (last at 17.6), while U.S. equities extend gains on the week



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