Our team looks at a lot of research throughout each day. A few charts that caught our eye this week, and the way they fit the unfolding puzzle of evidence:


Beckham: The idea that the Fed is going to cut rates continues to move farther into the future



John Luke: mirroring the continued push-out of the “looming recession”


Source: Apollo as of 05.22.2023


Dave: at a time when actual capital spending seems to have stabilized from multi-year lows


Source: BofA as of 05.22.2023


Dave: Narrow leadership is THE story of the past few months


Source: Goldman Sachs as of 05.22.2023


Dave: as the average stock just can’t keep up with the megacap tech leaders


Source: Raymond James as of 05.22.2023


Dave: and equal-weighting is trailing market-cap weighting by the most in two decades


Data as of 05.23.2023


Brad: resulting in a historic reliance on a few names to carry stocks higher


Source: Strategas as of 05.24.2023


John Luke: U.S. Treasuries have become less and less useful to foreigners in recent years


Source: Strategas as of 05.22.2023


John Luke: for not only geopolitical reasons, but also because they’re just not that attractive


Source: Strategas as of 05.24.2023


Dave: Speaking of foreign business exposure, it’s much higher for larger US companies than for the smaller ones


Source: Strategas as of 05.23.2023


Dave: creating a tricky situation for those large companies who’ve become more reliant on non-friendly regions


Source: PSC as of 05.22.2023


John Luke: On a positive note for the economy, consumers remain decently liquid despite some hits from higher prices


Data as of May 2023


John Luke: The question with all of this is, how will things change if the Fed truly ends (or even slows) its long period of stimulus


Data as of May 2023







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