- Existing home sales were down almost 30% last month on a year-over-year basis.
- Here is the number of consecutive monthly declines.
- Inventories are running at last year’s levels, but with slower sales, the months-of-supply indicator keeps climbing
- The median price trend signals further weakness in home price appreciation
- The six-month rolling changes in the leading index are signaling a recession.
- The Treasury curve inversion takes us back to 1981.
- Goldman now sees rate hikes in February, March, and May, and no rate cuts in 2023.
- What caused the COVID-era inflation spike? Hint: it wasn’t the Fed’s QE.
- The Richmond Fed’s manufacturing index remains in contraction territory.
- Capacity utilization is deteriorating.
- Hiring has stopped.
- The yield curve inversion continues to hit multi-decade extremes.
- The terminal rate is back above 5%. Here is the market pricing for the maximum fed funds rate in the current cycle.
Market Data
- Genesis Trading, a major crypto broker-dealer, warned that it may file for bankruptcy.
Source: Decrypt Read full article
- The company’s lending has fallen significantly this year.
- US stocks continue to trade at a premium to other advanced economies.
- Fund managers increasingly view the US dollar as overvalued
- CEO sentiment points to deeper reductions in earnings.
- Metals & Mining companies look cheap.
- Long/short hedge funds’ equity exposure remains at multi-year lows.
Source: Deutsche Bank Research
- Short interest in S&P 500 stocks is still very low.
Source: Goldman Sachs; @MikeZaccardi
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