DC Lite #16

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1. Consumer dashboard. "We continue to see consumer spending as a source of strength in the economy."

2. Inflation expectations. One-year inflation expectations rose to a 7-month high (4.5%) while expectations for five-year inflation remained at the highest (3.2%) since 2011.

3. Monetary policy. "More [central banks] are now cutting than hiking, the first time this has been the case since 2021."

4. Wall Street recommends. Asset allocators are bearish stocks, bullish bonds.

5. SPX ERP. "The Bloomberg Magnificent 7’s ERP is already deeply negative. The remaining stocks, proxied by the S&P equal weight index, are less expensive, but at ~140 bps, are not exactly cheap."

Happy Thanksgiving!