DC Lite #10

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1. Government debt. An unprecedented $8.2T of US government debt will be maturing in the next 12 months, or 1/3 of the total Treasuries outstanding. That is 3.5x more than what was net issued so far this year."

2. Small business (II). "The NFIB survey implies intensifying price pressures ahead. The % of firms planning to raise selling prices rose to 33 in October, the highest since Nov 2022 while the % of firms raising selling prices hit 30, highest since May."

3. CPI (I). A Goldilocks print with both headline and core CPI rising less than expected in October. The former was unchanged from last month while the latter increased by 0.2% MoM (vs. 0.3% est).

4. FMS yield expectations. Fund managers overwhelmingly expect lower long-term yields 12 months from now.

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5. Stock-picker's market. "Stock specific risk has been on the rise all year, an indication the market has been efficient in rewarding and punishing the right stocks for the right fundamental reasons."