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  1. April 28, 2025

    The recent drumbeat for a US recession is mounting and will dominate the news cycle this week. With US economic growth (GDP) releasing on Wednesday, economists will likely increase their probabilities for a recession. According to Bloomberg, forecasters now see a 45%… More >>

  2. April 21, 2025

    The US Consumer once again contradicted their self-reported dour mood and continued to spend in March. Retail sales were up 4.6% year over year. Some of this was a pull forward in consumption driven by the tariffs on autos, although almost every segment saw increases in… More >>

  3. April 14, 2025

    Consumer confidence took another perilous drop in last week’s Consumer Sentiment Index from the University of Michigan.  This decline represents a multi-month drop in the consumer's attitude.  In fact, consumer sentiment has been down over 30% since December 2024 and is… More >>

  4. April 7, 2025

      It certainly looks like that will be the case with the current Trump tariffs.  The formula used was an oddity and caught many off guard.  The division by two is driven by the Administration wanting to be “reasonable” according to President Trump.  In any case,… More >>

  5. March 31, 2025

    As we step into Q2 2025, the economic landscape is shaped by a myriad of factors. Our latest Q2 2025 Look Ahead report dives deep into the nuanced interplay between consumer sentiment, policy uncertainty, and the potential for interest rate cuts.  1.  Consumer Sentiment vs.… More >>

  6. March 24, 2025

    Sentiment has turned decidedly sour. The recent survey on consumer attitudes by the University of Michigan points to this marked decline.1 Inflation concerns, along with the headline uncertainty around tariffs, are to blame. Tariffs are a form of sales tax and that has… More >>

  7. March 17, 2025

    It’s hard to keep track of the multiple narratives driving our economy and equity markets right now. Let me see if I can reduce the noise and clarify what should be the main focal points. First, the most recent survey from the University of Michigan on consumer sentiment… More >>

  8. March 10, 2025

    The wall of worry investors are facing continues to expand, and as we wrote last week, the policy volatility is not alleviating any tension.  However, much of the worry is still noise.  For example, the Atlanta Fed’s GDPnow forecast suggests we are in a recession in Q1. … More >>

  9. March 3, 2025

    As discussed in last week’s post, the Friday charts on inflation told us a lot about the direction of interest rates and the economy. Fortunately, according to the Federal Reserve’s favored indicator (PCE), inflation is back to trending favorably. 1 Across almost all… More >>

  10. February 24, 2025

    This week, all eyes are on the Personal Consumption Expenditures (PCE) Index, the Federal Reserve's preferred inflation gauge, with the January 2025 data set to drop on Friday, February 28th. As of today, economists and market watchers are buzzing with expectations – and… More >>

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