DC Lite #54

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1. New rents. Rent for new tenants fell 5% YoY in December, the largest drop on record.

2. PCE deflator. “A bonus in today's much-stronger-than-expeced Q4 GDP report: inflation (core PCE deflator) rose at an annualized rate of 2.0%. By this measure, the Fed's 2% inflation target has been achieved--for a second quarter in a row.”

3. HG bond flows. "We are tracking the largest inflow to [high-grade] bond funds / ETFs in two years."

4. SPX vs. US02Y. Stocks drop when 2-year Treasury yields rise and gain when they fall.

5. Global earnings revisions (I). "The Global Earnings Revision Ratio moderated in January from 0.82 to 0.73 after rising in December. On average, the Ratio dips in Jan-Feb before rising from March through May."