DC Lite #27

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1. Corporate FCF. "S&P 500 free cash flow has yet to correct to pre-pandemic trends. Current S&P FCF is $1.4tn, $100bn higher than the historical trend implies."

2. NFIB. "NFIB’s Small Business Optimism Index decreased 0.1 point in November to 90.6, which marks the 23rd consecutive month below the 50-year average of 98."

3. Student loans vs. spending. "We do not yet see an adverse impact to spending for households who resumed student loan payments in October and November."

4. Oil vs. recessions. "Oil prices have declined recently, sparking recession worries. History says oil is an unreliable indicator of an impending economic contraction. In fact, lower oil prices are usually bullish."

5. Risk appetite. Equity investor risk appetite is at 2-year highs, according to S&P Global's Investment Manager Index.

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