- In a complete reversal from yesterday, most equity markets are in the green column this morning; Treasuries continue to behave fabulously; DXY is still consolidating around the 50-day m.a.
- What I’m thinking: I think there are numerous risks to the macro and market outlook with the primary risk being how the economy performs once the Fed’s monetary spigots are turned off
- Never before have housing starts, the most credit-sensitive sector of the economy and the quintessential leading indicator, been lower at this point of the business cycle compared to the time the recovery began … until now
- Another softie: The broad trend is moderating in U.S. industrial production
- Canadian securities remain in vogue
Bill: My italics. It must be realized that many industries, housing in particular, have been devastated during the GR, and can't just magically start up on a dime. Still...