DC Lite #33

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1. Mortgage demand. Mortgage applications fell 1.5% WoW despite mortgage rates dropping for the 5th straight week to the lowest since June.

2. Consumer Confidence (I). Consumer confidence improved by the most since early 2021, rising to the highest level since July.

3. Global inflation. "Averaging across G10 economies (excluding Japan and early-hiker emerging-markets), Goldman Sachs estimates that core inflation ran at sequential annualized pace of 2.2% over past three months and just 1.3% in November."

4. FMS risk appetite. "Net 13% of FMS investors say they are currently taking lower-than-normal risk levels, down 8ppt MoM to the lowest since Jan’22. This the greatest 2-month improvement in risk tolerance (+21ppt) since Dec’20."

5. Sentiment Composite. "Sentiment readings are currently just middling around. No extremes in either direction…Sentiment is currently NOT a headwind. If anything, you can argue that it’s still a tailwind."