While we'd all love to see robust growth with no inflation, that's just not reality. And while a stock market that's grown accustomed to record low interest rates (not to mention incredibly low volatility) will no doubt shiver and shake under a higher rate regime, general conditions remain on balance bullish.
In summary:
- Strong housing data confirms yesterday's home builder sentiment report, and what we already know about the supply demand setup.
- Consumer sentiment remains very strong despite recent market volatility.
- Import and export prices are rising with the global economic tide. Of course higher import prices also reflect a remarkably weak U.S. dollar.
- Producer prices are on the rise, but at a healthy, as opposed to a threatening, pace.
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