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- DC Lite #266
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1. CB Leading Index. "The US Leading Economic Index increased in November. The gain ended a 32-month streak without an increase. The longest streak on record."
2. US 10-year vs. short cutting cycles. "The higher-for-longer script for US 10yr bond yields if the Fed is done here."
3. SPX vs. speed of cuts. "Historically, a slow easing cycle has been good for $SPX."
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4. Buyback effect. Valuations “are even more stretched if we adjust earnings for the financial engineering dynamic of share buybacks, which has reduced the share count ... By my math, trailing EPS for the S&P 500 index would be $211 instead of $251 were it not for financial engineering.”
5. Valuations vs. real rates. “Feels like the relationship between stock valuations and inflation-adjusted Treasury yields might finally matter once again.”
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