DC Lite #128

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1. NFP vs. QCEW. There is a significant spread between non-farm payrolls data and the BLS' Quarterly Census of Employment and Wages (QCEW).

2. Stocks vs. implied cuts. "Stocks are refocused on the monetary policy outlook."

3. US equity fund flows. Inflows to equities accelerated to +$12.88bn (largest in 2 months).

4. Active manager cash. "Cash levels fell last month from 1.8% to 1.5% of AUM, the lowest level in over two years, and have been cut in half since peaking at 3.0% in early 2023."

5. Energy relative performance. The "Energy sector's relative performance versus the S&P 500 has lagged crude prices" YTD.