Nov Core PCE Friday am could be positive catalyst for "Santa Clause" rally. PS: S&P 500 valuation not expensive. ex-FAANG P/E 15.3X.

We discuss: how S&P 500 valuation is very reasonable as we enter 2024 and this is particularly notable when compared to the 2022 market peak.

Please click below to view our Macro Minute (Duration: 4:20).

2023 is rapidly coming to a close with a mere 5 trading days left. Two important economic releases come Friday, the Nov Core PCE deflator (Street +0.20% MoM) and U Mich Dec final 1-yr inflation (3.1% consensus).

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