FIRESIDE CHARTS
More Growth from Manufacturing and Housing Sectors, Debt-to-GDP Ratio Hits New Record, and Effects of Climbing Interest Rates
Manufacturing growth has accelerated in both New York and Philadelphia in yet another sign of strength from the sector. The housing sector also remains strong and saw residential construction…
Retail Sales Growth Hits 10-Month High, the Market Grows More Expensive, and Treasury Yields Slide
U.S. retail sales growth soared past expectations in March, climbing to 9.8% MoM—and a record 27.7% YoY—after a temporary dip during February’s deep freeze. Business IT spending as also…
A Closer Look at PPI, Fresh Records Moving Into Earnings Season, and China Huarong’s Bond Rout Deepens
The U.S. saw a substantially higher PPI reading than expected for March—when the index saw its second highest year-over-year gain on record—driven largely by chemical and lumbar prices. Though this…
BCM 1Q21 Market Commentary: A Fundamentally Different Market Environment
There are ample reasons to be optimistic about the direction of the economy in the near term, but the direction of security markets is much murkier. It seems all but certain that this is a fundamentally…
Accelerating Economic Growth, Tech Narrows Underperformance, and Is a Trend Reversal Approaching?
March PPI numbers topped forecasts with a year-over-year reading of 4.2%—the largest annual rise since September 2011. Fed Chairman Powell acknowledged that outlook has “brightened substantially”…
Record Highs and Lows from the Trade Deficit, Population Growth, and Coupon Treasury Issuance
Consumer confidence is recovering in the U.S. and it’s showing up in spending… just not necessarily on American-made goods. The trade deficit climbed to another record high in March, and it could…
Jobs Come Roaring Back, ISM Services PMI Hits New Record, and the Spike in the Global Money Supply
U.S. job openings blew past expectations and surged to a two-year high in February as the job openings rate hits its highest level on record. As competition for employees heats up though…
Manufacturing PMI Hits 37-year High, Small-Caps ‘Dethrone’ Nasdaq 100, and Markets Anticipate Rate Hikes
In yet more evidence of the economic recovery gaining momentum, the ISM Manufacturing PMI jumped to 64.7 in March—its highest level in nearly 40 years. While good news for the U.S. economy…
The Pricing Divergence in Manufacturing, the Red-Hot Housing Sector, and Extremes from Equity Valuations & Margin Debt
Manufacturing remains strong in the U.S. and saw more gains in February—even in the frozen Lonestar state—but producer prices are also climbing without accompanying gains in prices charged…
Trade Deficit Now Largest on Record, Putting Inflation in Context, and Equities’ Historic 12-Month Run
The trade deficit widened 2.5% in February to hit a record high of $86.7 billion and the budget deficit is feeling its own strain as stimulus payments go out and QE reignites. At long last though…