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ARE WE CLOSE TO A MINSKY MOMENT?

Markets became quiet Tuesday afternoon ahead of a rare mid-week holiday.  Treasuries held their gains following a lackluster retail sales report.  The data underscored a notable downward shift in consumer spending after stronger than expected readings earlier in the year.  On the other hand, industrial production increased in May at a pace greater than expected. … Read more

A DISCONCERTING SURVEY

All markets were relatively quiet yesterday. Equites led by the mega caps traded higher while Treasuries declined nominally in price, perhaps the result of a deluge of offerings.The narrative is rising about the single sidedness of the market. According to Bloomberg, there have only been six occasions in 20 years on which a single sector … Read more

WAS YESTERDAY A DAY OF SIGNIFICANCE?

Was yesterday a day of significance?  The CPI was nominally lower than expected.  The core rate climbed by 0.2% from April and 3.4% year over year, the slowest pace in more than three years.  Analysts had expected a 0.3% and 3.5% pace, respectively.  The headline rate was also lower than expected by 0.1%, posting a … Read more

A QUIET DAY

Yesterday was a quiet day heading into the two-day FOMC meeting and key inflation data.  The narrative is rising about the concentration of the market. A Bloomberg headline read “Great Bear Market in Diversification Haunts Wall Street Pros.”  The Newswire quoted Morningstar data that out of roughly 370 asset allocation funds tracked by Morningstar, just … Read more

ISM SERVICES SURVEY WAS STRONGER THAN EXPECTED

The ISM Service survey expanded in May by the most in nine months, exceeding all forecasts in a Blomberg survey of economists.  The ISM business activity index—which parallels the group’s factory output gauge—had the largest monthly advance since March 2021 and is at the highest level since November 2022. The majority of respondents stated “employment … Read more