Interestingly freight data in the US continues to be weak.
“Both the shipments and expenditures components of the Cass Freight Index marked their lowest reading of 2019 and took another step backwards in terms of y/y growth. There is lots of hope in the stock market and the freight market for a better 2020, but the trends have yet to turn.”
Chart from Haver Analytics supports their arguments on subdued inflation.
These five factors – loss of momentum, monetary restraint, high debt levels, flat profits and excess capacity – will bring about slower growth and continue to subdue core inflation.
Over the past 65 years, yields on long dated risk-free U.S. treasury securities moved in the same direction as core inflation on an annual basis roughly 80% of the time. We believe that there is a high probability that this relationship will hold in 2020 as inflationary pressures continue to subside.
Interesting piece from FTAlphaville on the carbon impact of electric vehicles.
First a staggering chart from VW – because battery production is so energy intensive it takes their new e-Golf 120,000 km of driving to breakeven in terms of carbon emissions vs. a diesel Golf.
This does depend on where the electricity used to charge comes from (VW address this) and ignores other gas emissions.
Some analysts suggest that because battery technology is yet to improve the best impact on CO2 emissions is to drive a hybrid.
As a result it is generally accepted that species should outbreed as much as possible – but did you know there is a cost of outbreeding as well?
“To produce healthy children, you should marry a third or fourth cousin. Farther out, the genetic costs of outbreeding begin to outweigh those of inbreeding. That was what a cohort study found in examining Icelanders born between 1800 and 1964. Fertility was lower if the woman’s husband was either closer in or farther out (Helgason et al. 2008).“
“We breed and kill at least 100 billion animals per year for food and at least 115 million per year for research.Fishing kills 1-3 trillion animals per year. Deforestation destroys animal habitats. Leaf blowers and light pollution kill insects. Building and vehicle collisions kill at least a billion animals per year. This year, more than 300 birds were injured or killed in collisions with a building in North Carolina in a single night.“
