acemaxx analytics
@acemaxx.bsky.social
macro economics, charts, books, short interviews, Alumni University of St. Gallen, Switzerland
https://acemaxxanalytics.substack.com/
https://acemaxxanalytics.substack.com/
(my two cents)
Falling #ASWs across #Europe could mean 1) more bond supply or 2) less #collateral scarcity, or 3) lower bank funding stress or 4) not (yet) sovereign credit panic, chart #NordeaMarkets
Falling #ASWs across #Europe could mean 1) more bond supply or 2) less #collateral scarcity, or 3) lower bank funding stress or 4) not (yet) sovereign credit panic, chart #NordeaMarkets
February 15, 2026 at 9:49 AM
(my two cents)
Falling #ASWs across #Europe could mean 1) more bond supply or 2) less #collateral scarcity, or 3) lower bank funding stress or 4) not (yet) sovereign credit panic, chart #NordeaMarkets
Falling #ASWs across #Europe could mean 1) more bond supply or 2) less #collateral scarcity, or 3) lower bank funding stress or 4) not (yet) sovereign credit panic, chart #NordeaMarkets
February 15, 2026 at 9:25 AM
Reducing the #Fed balance sheet would probably run into higher and more volatile spread b/w #SOFR and #Fed funds rate, at least if no other major changes were done to bank regulation. Higher long end rates would also seem likely, chart #NordeaMarkets
February 15, 2026 at 9:23 AM
Reducing the #Fed balance sheet would probably run into higher and more volatile spread b/w #SOFR and #Fed funds rate, at least if no other major changes were done to bank regulation. Higher long end rates would also seem likely, chart #NordeaMarkets
Over the past 2-weeks, #software companies’ earnings have slightly missed on key metrics that the market was watching, which fueled #AI disruption fears, reinforced the bear case for the sector, and resulted in harsh stock price penalties, chart #GoldmanSachs
February 15, 2026 at 8:28 AM
Over the past 2-weeks, #software companies’ earnings have slightly missed on key metrics that the market was watching, which fueled #AI disruption fears, reinforced the bear case for the sector, and resulted in harsh stock price penalties, chart #GoldmanSachs
#FX USD
Even after last year’s decline, GS GIR fair value model estimates that the #dollar is roughly 15% #overvalued following the last decade of exceptional US capital market performance, chart #GoldmanSachs
Even after last year’s decline, GS GIR fair value model estimates that the #dollar is roughly 15% #overvalued following the last decade of exceptional US capital market performance, chart #GoldmanSachs
February 15, 2026 at 8:18 AM
#FX USD
Even after last year’s decline, GS GIR fair value model estimates that the #dollar is roughly 15% #overvalued following the last decade of exceptional US capital market performance, chart #GoldmanSachs
Even after last year’s decline, GS GIR fair value model estimates that the #dollar is roughly 15% #overvalued following the last decade of exceptional US capital market performance, chart #GoldmanSachs
In #Switzerland, GDP numbers on Monday will be a highlight, with economists predicting a snapback in the 4Q2025 from contraction in the prior 3-months caused by #Trump ’s outsized #tariffs on the country, chart @bloomberg.com
www.bloomberg.com/news/article...
www.bloomberg.com/news/article...
February 15, 2026 at 8:11 AM
In #Switzerland, GDP numbers on Monday will be a highlight, with economists predicting a snapback in the 4Q2025 from contraction in the prior 3-months caused by #Trump ’s outsized #tariffs on the country, chart @bloomberg.com
www.bloomberg.com/news/article...
www.bloomberg.com/news/article...
CB monetary policy rate decisions this week, chart @economics
www.bloomberg.com/news/article...
www.bloomberg.com/news/article...
February 15, 2026 at 8:10 AM
CB monetary policy rate decisions this week, chart @economics
www.bloomberg.com/news/article...
www.bloomberg.com/news/article...
#books
#bookstore in #zurich
Yes, never stop #reading
It’s a call to intellectual humility.
It’s the recognition that the world is moving faster than any individual can keep up with, and the moment you decide you "know enough" is the moment you start to become obsolete.
#bookstore in #zurich
Yes, never stop #reading
It’s a call to intellectual humility.
It’s the recognition that the world is moving faster than any individual can keep up with, and the moment you decide you "know enough" is the moment you start to become obsolete.
February 15, 2026 at 8:09 AM
#books
#bookstore in #zurich
Yes, never stop #reading
It’s a call to intellectual humility.
It’s the recognition that the world is moving faster than any individual can keep up with, and the moment you decide you "know enough" is the moment you start to become obsolete.
#bookstore in #zurich
Yes, never stop #reading
It’s a call to intellectual humility.
It’s the recognition that the world is moving faster than any individual can keep up with, and the moment you decide you "know enough" is the moment you start to become obsolete.
#Swiss inflation
#goods prices in #deflation while imported #inflation still negative - The next monetary policy decision is scheduled for March 19th, and the #SNB is expected to hold rates at 0.0%, chart #SwissStatistics
#goods prices in #deflation while imported #inflation still negative - The next monetary policy decision is scheduled for March 19th, and the #SNB is expected to hold rates at 0.0%, chart #SwissStatistics
February 14, 2026 at 3:32 PM
#Swiss inflation
#goods prices in #deflation while imported #inflation still negative - The next monetary policy decision is scheduled for March 19th, and the #SNB is expected to hold rates at 0.0%, chart #SwissStatistics
#goods prices in #deflation while imported #inflation still negative - The next monetary policy decision is scheduled for March 19th, and the #SNB is expected to hold rates at 0.0%, chart #SwissStatistics
Lower #immigration will hit UK growth and raise borrowing. Falling #migration threatens growth, strains public finances, and leaves productivity carrying the burden, chart #OxfordEconomics
February 14, 2026 at 3:31 PM
Lower #immigration will hit UK growth and raise borrowing. Falling #migration threatens growth, strains public finances, and leaves productivity carrying the burden, chart #OxfordEconomics
94% of the #tariff incidence was borne by the U.S. in the first 8-months of 2025. This result means that a 10% #tariff caused only a 0.6 percentage point decline in foreign export prices, chart @newyorkfed.org
libertystreeteconomics.newyorkfed.org/2026/02/who-...
libertystreeteconomics.newyorkfed.org/2026/02/who-...
February 14, 2026 at 2:52 PM
94% of the #tariff incidence was borne by the U.S. in the first 8-months of 2025. This result means that a 10% #tariff caused only a 0.6 percentage point decline in foreign export prices, chart @newyorkfed.org
libertystreeteconomics.newyorkfed.org/2026/02/who-...
libertystreeteconomics.newyorkfed.org/2026/02/who-...
One partial explanation for the underperformance of the US #construction industry is that there hasn’t been much #innovation - Most of the major machines used for construction today—including bulldozers, concrete mixers, and cranes—have been available since the 1950s, chart #GoldmanSachs
February 14, 2026 at 2:47 PM
One partial explanation for the underperformance of the US #construction industry is that there hasn’t been much #innovation - Most of the major machines used for construction today—including bulldozers, concrete mixers, and cranes—have been available since the 1950s, chart #GoldmanSachs
The persistent decline in #construction #productivity appears to be a common trend across advanced economies but it has been most acute in the US, contributing to its #housing shortage and affordability crisis, notes #GoldmanSachs
February 14, 2026 at 2:43 PM
The persistent decline in #construction #productivity appears to be a common trend across advanced economies but it has been most acute in the US, contributing to its #housing shortage and affordability crisis, notes #GoldmanSachs
February 14, 2026 at 2:40 PM
Today in #Zürich
#LygiaClark is one of the most significant voices of the #SouthAmerican avant-garde. As a central figure of Neoconcretismo, she redefined the concept of #art by blurring the boundaries b/w #artwork and viewer - #KunsthausZürich
#LygiaClark is one of the most significant voices of the #SouthAmerican avant-garde. As a central figure of Neoconcretismo, she redefined the concept of #art by blurring the boundaries b/w #artwork and viewer - #KunsthausZürich
February 14, 2026 at 2:38 PM
Today in #Zürich
#LygiaClark is one of the most significant voices of the #SouthAmerican avant-garde. As a central figure of Neoconcretismo, she redefined the concept of #art by blurring the boundaries b/w #artwork and viewer - #KunsthausZürich
#LygiaClark is one of the most significant voices of the #SouthAmerican avant-garde. As a central figure of Neoconcretismo, she redefined the concept of #art by blurring the boundaries b/w #artwork and viewer - #KunsthausZürich
The biggest driver of gold prices has been CBs - Net purchases of #gold have doubled since #Russia’s war on #Ukraine began in 2022, chart #JPMorganAM
February 14, 2026 at 11:59 AM
The biggest driver of gold prices has been CBs - Net purchases of #gold have doubled since #Russia’s war on #Ukraine began in 2022, chart #JPMorganAM
Trump announced yesterday his administration has rescinded the “endangerment finding,” a landmark scientific determination that greenhouse gases pose a threat to human health and welfare, chart @bloomberg.com
www.bloomberg.com/news/article...
www.bloomberg.com/news/article...
February 14, 2026 at 11:56 AM
Trump announced yesterday his administration has rescinded the “endangerment finding,” a landmark scientific determination that greenhouse gases pose a threat to human health and welfare, chart @bloomberg.com
www.bloomberg.com/news/article...
www.bloomberg.com/news/article...
#basketball #euroleague Rnd 28: Panathinaikos (+ blatantly unfair fricking referees) 83 vs #FENERBAHCE 85 congrats guys, a tremendous win, outstanding!
www.euroleaguebasketball.net/euroleague/g...
www.euroleaguebasketball.net/euroleague/g...
February 13, 2026 at 9:27 PM
#basketball #euroleague Rnd 28: Panathinaikos (+ blatantly unfair fricking referees) 83 vs #FENERBAHCE 85 congrats guys, a tremendous win, outstanding!
www.euroleaguebasketball.net/euroleague/g...
www.euroleaguebasketball.net/euroleague/g...
#book review
The #book is so insightful b/c it does not stop at abstract interest rate policy, but sheds light on the institutional details that determine how #money actually flows today.
acemaxxanalytics.substack.com/p/geldtheori...
The #book is so insightful b/c it does not stop at abstract interest rate policy, but sheds light on the institutional details that determine how #money actually flows today.
acemaxxanalytics.substack.com/p/geldtheori...
February 13, 2026 at 2:03 PM
#book review
The #book is so insightful b/c it does not stop at abstract interest rate policy, but sheds light on the institutional details that determine how #money actually flows today.
acemaxxanalytics.substack.com/p/geldtheori...
The #book is so insightful b/c it does not stop at abstract interest rate policy, but sheds light on the institutional details that determine how #money actually flows today.
acemaxxanalytics.substack.com/p/geldtheori...
Guess who is #paying for the US trade war? You and American companies. It turns out the president’s repeated claims that foreign countries would pony up for the cost of his #tariffs were false, chart @bloomberg.com
www.bloomberg.com/news/article...
www.bloomberg.com/news/article...
February 13, 2026 at 1:57 PM
Guess who is #paying for the US trade war? You and American companies. It turns out the president’s repeated claims that foreign countries would pony up for the cost of his #tariffs were false, chart @bloomberg.com
www.bloomberg.com/news/article...
www.bloomberg.com/news/article...
Which countries have a higher credit #rating than the US? - chart @reutersmiked.bsky.social
www.reuters.com/markets/trum...
www.reuters.com/markets/trum...
February 13, 2026 at 1:47 PM
Which countries have a higher credit #rating than the US? - chart @reutersmiked.bsky.social
www.reuters.com/markets/trum...
www.reuters.com/markets/trum...
The surge in #China ´s net exports since the Covid-19 pandemic comes from high‑tech goods, which recorded a surplus of 5.2% of GDP in 2024, chart @reuters.com
www.reuters.com/commentary/b...
www.reuters.com/commentary/b...
February 13, 2026 at 1:37 PM
The surge in #China ´s net exports since the Covid-19 pandemic comes from high‑tech goods, which recorded a surplus of 5.2% of GDP in 2024, chart @reuters.com
www.reuters.com/commentary/b...
www.reuters.com/commentary/b...
February 13, 2026 at 1:34 PM
#HedgeFunds enter 2026 with solid momentum after a second consecutive year of double-digit returns in 2025 and unprecedented success outperforming their benchmarks, chart #GoldmanSachs
February 13, 2026 at 1:33 PM
#HedgeFunds enter 2026 with solid momentum after a second consecutive year of double-digit returns in 2025 and unprecedented success outperforming their benchmarks, chart #GoldmanSachs