EXCHANGE CORNER

View in your browser A New Approach to Earnings Season? By Blu Putnam, Chief Economist, CME Group Highlights Company earnings under greater scrutiny amid economic distortions. Traditional number crunching might misstate revenue, EPS, expenses. Developing themes and narratives might be a better analytical tool. Focus on sectors with positive cash flow, dividends, rebuilding prospects. Watch … Read More

The Currency-Commodities Nexus and Modern Monetary Theory By Blu Putnam, Chief Economist & Erik Norland, Senior Economist, CME Group The Currency-Commodities Nexus of the Big Eight Currencies of Canada, Norway, Russia, Colombia have weakened with oil. Will cuts to oil output help offset lost demand, bolster these currencies? Russia’s low debt level, large foreign reserves … Read More

View in your browser The post-pandemic landscape and three stages of recovery By Blu Putnam, Chief Economist & Erik Norland, Senior Economist, CME Group Policy Analysis Through the Lens of Phase Transitions Three phases in getting economy back on an even keel. Supply-chain disruptions, worker layoffs mark first phase. Economy then gets back to work … Read More

Phase transitions and pandemic consumer behavior By Blu Putnam, Chief Economist & Erik Norland, Senior Economist, CME Group How the Pandemic Could Reshape Consumer and Business Behavior Businesses might diversify crucial supply-line networks post-pandemic. Individual savings rate might rise, companies could retain more cash. Online shopping, home deliveries could rise over in-store business. Business travel … Read More

View in your browser Market Swings and Evolving Storylines By Blu Putnam, Chief Economist, CME Group Highlights Market narratives change constantly amid stream of news and noise. US equities began falling after virus storyline shifted away from China. Equities fell further as the narrative changed again to focus on Fed’s toolkit. The Saudi-Russia discord over … Read More