Jeffrey Gundlach December 2017 Webcast: Central Bank Assets Soar, But So Far So Good

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by: ValueWalk

By VW Staff

DoubleLine CEO and CIO Jeffrey Gundlach's webcast slides for the month for December 2017, titled "So Far, So Good."

TAB I - Global Economy

OECD Expansion Contraction Growth Indicator

Source: Organization of Economic Development (OECD), DoubleLine

As of 9/25/17

YoY = year over year

Citi Economic Global Surprise Index

Source: Bloomberg, DoubleLine

The Citigroup Economic Surprise Index measures the economic news defined by standard deviations of data surprises versus Bloomberg survey. You cannot invest directly in an index.

Chinese GDP vs. Li KeQiang Index

Source: Bloomberg, DoubleLine

Li KeQiangIndex was developed by the Chinese Premier Li Keqiang. To measure growth, he preferred to look at change in bank lending, rail freight, and electricity consumption. GDP = Gross Domestic Product measures the amount of goods and services produced within a given country. You cannot invest directly in an index.

Central Bank Total Assets

Source: Haver Analytics

ECB = European Central Bank, BOJ = Bank of Japan

Central Bank Total Assets - Aggregate

Source: Haver Analytics

ECB = European Central Bank, BOJ = Bank of Japan

Central Bank Total Assets as a Percent of GDP

Source: Haver Analytics

ECB = European Central Bank, BOJ = Bank of Japan

Japanese Government Bonds (JGB) Holders

Source: Morgan Stanley as of November 18, 2017

BOJ = Bank of Japan, Lifers = life insurance, JPY 17.7 trillion = $0.64 trillion US dollars.

Fed Balance Sheet

January 1, 2003 to September 30, 2017 Projected through 2022

MBS = Mortgage-Backed Securities

* Refers to the anticipated forecast reduction in the Fed's balance sheet after Quantitative Tightening started in October 2017.

Global Central Bank Balance Sheets will Shrink in 2019

ECB = European Central Bank, BOJ = Bank of Japan

Quantitative Easing (QE) and Equity and Credit Performance

Central Banks include European Central Bank, Bank of Japan, Bank of England, BOC = Bank of Canada, SNB = Swiss National Bank, Reserve Bank of Australia, Reserve Bank of New Zealand. CB = Central Banks. FX = Foreign Exchange. IG = Investment Grade. bp = basis point, chg = Change. EM = Emerging Markets.

MSCI World Index is a free-float weighted equity index. The index includes developed world markets. M = Million, bn = billion, BOE = Bank of England. You cannot invest directly in an index.

See the full PDF below.

Disclosure: None.