The NY Fed's Survey of Consumer Expectations showed generally stable views around employment and inflation, with some increase in the 3-year ahead inflation expectations. Of course expectations and how consumers form expectations, how they impact prices, etc. is an area for economist to debate. The other point in the survey that is making the rounds is that the average perceived probability of consumers missing a debt payment increased to its highest level since April 2020.
Stocks rallied as bonds were relatively unchanged. Inventory data was generally a non-event. Speaking of events, Apple had one. I think I still have an iPhone 12 or something.
Over in Europe, former ECB Head Draghi reminded Europeans that they are over regulated and under productive. In a 400 page report he calls for spending to make Europe innovative amongst other remedies for the "slow agony" that is European economics.
If you're looking for something to read, you know I like to write about the difference between risk and uncertainty (you can find some of it here). I thought this article was a good read on the topic https://www.bankeronwheels.com/are-you-overconfident-in-predicting-equity-risk/
Debate is the highlight of the day.
XTOD: Today’s data out of China will add to worries about the underlying health of the world’s second largest economy. The across-the-board downward misses on the price data are consistent with other metrics, suggesting that the combination of weak consumption and investment risks developing into a vicious cycle that would also complicate the authorities’ ability to implement structural reforms.
XTOD: Never underestimate Wall Street's willingness and ability to meet investors' want for extreme leverage...https://pbs.twimg.com/media/GXDA59JWIAcYmDZ?format=jpg&name=900x900
XTOD: What stage of the market cycle is it when people are making Nvidia purses?
XTOD: He died doing what he loved most: Shorting Treasuries and making up monetary policy conspiracies
XTOD: Springfield, Ohio, police say there are no reports of pet being stolen or eaten in Springfield, Ohio (by Haitians or anyone else).
XTOD: IN CONSTRUCTION Human beings are only healthy when they are still in construction (intellectually). Aging starts when they become a self-museum.
https://x.com/elerianm/status/1833117235444940979
https://x.com/Peter_Atwater/status/1833177152281256364
https://x.com/RobinWigg/status/1833109640445333676
https://x.com/mark_dow/status/1833168998189736314
https://x.com/ZaidJilani/status/1833183654429818890
https://x.com/nntaleb/status/1833234788108669110
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