Economic Growth
Flash PMIs Improve, But Low Growth And Trade Frictions Persist…
Soft Data Bounces, But Hard Signals Still Lagging…
RBA Minutes Confirm No Rush to Ease Amid Strong Data…
Canada’s Growth Outlook Still Muddled by Uncertainty…
Sentiment Ticks Up, But US Consumer Caution Persists…
The fact that the US economy has been slower to deteriorate than in past cycles is entirely consistent with our kinked Phillips curve framework. We will be looking to our MacroQuant model for guidance on when to turn fully defensive.
Beijing’s supply-side push faces steeper hurdles than in 2016. With limited demand support and tighter constraints on cutting capacity, today’s reforms are unlikely to pack the same punch.
Empire Fed Beats, But Signal Too Noisy To Shift Positioning…
UK CPI Runs Hot, But Disinflation Is Still In Sight…
Despite macro headwinds, the OBBBA clearly favors Industrials, Financials, and Consumer Discretionary equity sectors. A carefully constructed, factor-aware basket in these sectors is well positioned to outperform in a fiscal-driven, uncertain environment.