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Friday Speedrun: January 26, 2024
The soft landing continues. Core PCE, the Fed’s preferred measure of inflation, is running below 2% annualized over the past six months, stocks are at the ATH, and both nominal and real growth are strong. This week we got a smorgasbord of data and the key releases were strong GDP, strong ISM, strong home sales, and soft inflation. Again, you need to dig pretty deep into arcane data or slice and dice the headlines with a Ginsu to tease out anything negative. Good news is good news. The defining feature of this economic moment is that the polycrisis, Covid PTSD, political polarization, failure to heal from the ... (full story)