It’s amazing how what data actually matters to investors can rapidly and radically change with the market regime.
For ages, no one cared about monthly inflation prints — everyone knew central banks were going to keep policy easy no matter what. Now even Spanish data can make the FT splash. And in the US, two recondite data sets suddenly matter a LOT.
The Federal Reserve’s weekly H.4.1 shows usage of the US central bank’s liquidity facilities, while the H.8 release details the assets and liabilities of US commercial banks. They have suddenly taken on mammoth significance as weekly gauges of stresses in the banking industry, and the sellside is on it.
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