DC Lite #210

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1. Productivity growth. "Productivity growth of 2.7% is stronger than the start of any other Fed easing cycle since at least 1968."

See: Paulsen Perspectives

2. Margins vs. productivity. "From here, there is no reason for vacancies to keep falling, especially with strong productivity and solid corporate profits."

3. Gold vs. 200MA. "Prices are 15% above the 200-day moving average (+2 standard deviations above norms). Historically, returns are flat 1-6 months after trading at such extremes."

4. HFs vs. China. "Chinese equities on Tuesday saw the largest daily net buying since March 2021 - the second largest amount in the past 10 years."

5. Fundamental return drivers. “I’m not sure you can call these new record highs sugar highs … Strong fundamentals in the corporate sector are driving returns more than just positive sentiment.”