Macro Nugget: Housing backlogs back to pre-pandemic levels
U.S. housing backlogs from the pandemic have now returned to pre-pandemic levels. Along with massive spending driven by the Inflation Reduction Act (IRA) and the AI boom, these factors have helped sustain construction payrolls, preventing significant declines....
The Drill: What if Trump is not bluffing ahead of next week?
We see pockets of overbought conditions in energy markets ahead of Trump’s inauguration week. The market appears to have accepted Trump’s ‘bluff’ as the base case for the coming week, raising the question of whether the risk/reward balance is weak. To read the full...
Macro Nugget: More pressure for the BoJ to hike
Wages and rising US yield will put pressure on the BoJ To read the full article, sign up for a 14-day FREE trial of the The Macro Connoisseur, Professional or Crypto plan. Already a member? Login...
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