DC Lite #248

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1. Jobless claims. Initial claims unexpectedly fell by 6k to 213k (vs. 220k est), the lowest since April. On the other hand, continuing claims rose to a 3-year high, though seasonal adjustments may have influenced the increase.

2. Philly manufacturing. The headline index unexpectedly dropped into contraction in November but firms' expectations for future growth rose to the highest since June 2021.

3. Real rates vs. breakevens. "Ten-year US Treasury yields have risen 78 bp from their Sept lows, mostly (68%) due to higher real rates rather than rising inflation expectations. Equity markets have shrugged off that move for good reason: it reflects a still-strong US economy."

4. Buffett cash vs. market cycles. "Buffett’s cash hoard often spikes before equity market slowdowns."

5. Global semis sales. "The three-month moving average of worldwide semiconductor sales rose to a record $55.3 billion during September."

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