DC Lite #66

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1. FMS global outlook. For the first time since April 2022, FMS investors are not predicting a recession (top). Global growth optimism is also at its highest since February 2022 (bottom).

2. CPI. "For everyone worrying about the Jan spike in OER: Don't. OER is just primary rents adjusted (imperfectly) for variations in utility costs. OER & primary have to trend together but can vary m/m. And primary rents increases are slowing relentlessly. OER will follow. It has to."

3. Gas prices. "Retail gas prices highest since late November."

4. Investment Manager Index (I). "Risk appetite has rebounded in February...a ‘risk-on’ mood has now dominated in three of the past four months, representing the best period for risk appetite seen for just over two years."

5. SPX valuation. "Remove the top 10 stocks from the equation...and the rest of the stock market doesn’t look too expensive."