Newsletter
The Filter
A descriptive read on the macro backdrop, and where balance-sheet strength matters. Same language the app uses for companies. No calls, no targets.
- The Economy Is Fine. Dinner Isn't. By every reported measure the economy is fine — unemployment at 4.2%, retail sales up 5.6%, credit calm, six of eight recession tripwires benign. So what is driving the lowest consumer sentiment on record? The published inflation number is dominated by a rent nobody pays, and the things households buy every week went up considerably more than it did.
- Calm Above, Wide Below The indexes barely moved this week. Underneath, the market kept widening, and the widening is concentrated. Where dispersion is building, and why a calm surface and a widening interior are both true.
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