US financial conditions are easing: The Fed's Financial Conditions Index has eased to -0.5 on a 1-year lookback basis, the easiest since early 2022. On a 3-year lookback basis, financial conditions have loosened to -0.9, the easiest since March 2022. This means financial conditions are now looser than the average seen over the last 12 and 36 months. Excluding the 2020-2021 pandemic period, conditions are now at their easiest since 2011, on a 3-year reference period. A new era of monetary policy has arrived.(The Kobeissi Letter)