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Summary The S&P 500 has rallied impressively in the past week leading up to Thursday’s CPI print, and bullish sentiment has lifted along with it. While the reading remains low, the percentage of respondents to the weekly AAII sentiment survey reporting as bullish rose from 20...
Summary The CPI report showed headline inflation was driven lower by energy and commodity prices. However, services inflation was very strong and showed no signs of cooling. Jobless claims continue to suggest a very low unemployment rate. Today's CPI continues to suggest the o...
Summary Recession forecasts are flying left and right lately, but the main pushback is the labor market. Notably, in the last three recessions, the year-over-year change in temp workers turned negative well ahead of the broad measure of private payrolls. Although new filings for une...
Summary We summarize key data and provide in-depth analysis of the monthly Consumer Price Index report released by the U.S. Bureau of Labor Statistics. All Items and Core CPI inflation were in line with expectations. Deceleration in energy accounted for most of the deceleration in A...
Summary The rate of inflation posts a meaningful decline for a third month in a row. Interest rates are falling across the yield curve, and the probabilities of 25-basis-point increases in February and March have increased. This would result in a lower terminal rate than the Fed is ...
Summary Monetary policy changes move through the economy in 12 to 24-month lags. Would-be sellers are also often reluctant to admit that prices are falling. Eventually, a lack of patience, financial resources, time and other constraints ultimately prompt capitulation selling and, fi...
Summary U.S. imports of goods produced in China collapsed further in November 2022, continuing the plunge that began in September. The continuing collapse of U.S. imports from China has pulled the combined value of goods traded between the U.S. and China below a counterfactual trajector...
Summary While the average investor continues to pour money into the equity markets like there’s no tomorrow (aka, a reckoning for the everything bubble), corporate insiders are notably doing just the opposite. In 2021, equity inflows hit a new, all-time record. 2022 saw the third...
Summary Despite what pundits say, inflation will persist in 2023. China and emerging markets are set to rebound in the coming year. No U.S. economic recession will be seen (surprise, surprise!). U.S. equity markets will climb, helped by massive short covering. ...
Summary US Large Cap stocks are still in a short-term downtrend but the long-term uptrend is intact. International Large Cap stocks are in a short-term uptrend versus US Large Cap. The trend has been driven by the falling dollar. US Large Cap value is in a short-term uptrend versus ...