Consumer

Executive Summary Selloffs across financial markets and evidence of decelerating growth have reminded us to play it close to the vest, but they haven't made us bearish. The stability of intermediate- and long-run inflation expectations suggests that the…

Executive Summary Equities Are Closer To Capitulation What Is Next For US Equities? They Will Be Fat And Flat…

Executive Summary Credit Demand Collapsed Credit Demand Collapsed…

Listen to a short summary of this report.       Executive Summary Global Equities Are More Attractively Valued After The Recent Sell-Off Global Equities Are More Attractively Valued…

Executive SummaryIn this report, we look at recent macroeconomic developments through the lens of the business cycle, inflation, and Treasury yield regimes to select winning sectors and styles.The US economy is currently in the slowdown stage of the business…

Executive Summary Rampant talk of a wage-price spiral is premature, ginned up by media reports about union organizing successes and union negotiators’ wins. Recent agreements negotiated by unions have not lit an inflationary fuse, as all major…

Executive Summary Everything the banks see indicates that their household customers are in fantastic shape, with overstuffed checking accounts and unusually low outstanding credit card balances. Despite low confidence measures, they are spending with…

Listen to a short summary of this report.         Executive Summary Small Caps Are Looking Attractive Relative To Their Large Cap Peers Small Caps Are Looking Attractive Relative…

Executive Summary China’s Daily New COVID Cases And City Lockdowns, 2020 To Present China's Daily New COVID Cases And City Lockdowns, 2020 To Present…

Executive Summary We have been constructive-to-bullish on financial markets and the economy since policymakers marshaled the full force of their resources to protect the economy from the pandemic in the spring of 2020. The policymakers-versus-the-virus…