The US Macro Surprise Index to its weakest since January 2016

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Macro was ugly – really ugly – today: Personal Consumption ugly (Q1 downgraded on 3rd look), continuing jobless claims ugly (highest since Nov 2021), core capital goods new orders and shipments ugly (not a great signals for Q2 GDP), pending home sales ugly (puke to record lows SAAR), and finally, Kansas City Fed manufacturing ugly (21st month in a row without expansion)…

See also  End of an economic era... Could recession be October surprise? TARGET to start holiday shopping season in early OCTOBER!

This smashed the US Macro Surprise Index to its weakest since January 2016 (and we have May’s PCE tomorrow)…

See also  Trillions of dollars of money printing since Covid has created the illusion of a growing economy... in fact, the US economy is in the midst of a depression. Marc Faber warns markets could deflate 50%.

Source: Bloomberg

Micro was not pretty: Micron spooked the AI trade (NVDA lower too)…

READ MORE:

www.zerohedge.com/markets/bonds-bullion-bitcoin-big-tech-ex-nvda-bid-despite-macro-meltdown

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