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first year. And now to today's episode. The signals are telling me to watch the

Federal Reserve decision making around the balance sheet. The upcoming decision

on whether to continue with quantitative tightening will be of major relevance

to most asset classes. Steno signals starts right now.

Hi guys and welcome to this fourth edition of Steno signals. I'm still overwhelmed by the

feedback we've received on the first three editions of this show. Thank you very

much for all of the comments. I will try to answer as many as possible on an

ongoing basis. So please keep them coming after this show as well. We've had

three major themes so far in this show during 2023. First of all, the

disinflation in the US, CPI coming down in year over year terms.

We've had a theme on the Chinese reopening and we've had a theme on dollar liquidity.

And I've promised you to provide an update on the themes on an ongoing basis. So let's have a

look at the developments in inflation first. I think we've received new interesting evidence

of abating wage pressures over the past week. We see signs of abating wage pressures

in posted job openings. So we can measure that via the indeed hiring lab indicator.

And it is usually a very good early indicator of the Atlanta Fed wage tracker,

which is essentially one of the most important gauges of wage growth in the US. And one of the

gauges that the Federal Reserve will look at on an ongoing basis. And clearly now we see a

...