5 takeaways from earnings season and why muted reaction to beats is not "late cycle" signal.

VIDEO: The muted reaction to positive EPS, in our view, reflects the cautious macro views (uncertainty) given the stubborn inflation reports.  1Q24 EPS seems more early cycle. (duration: 6:06).

This week is light on incoming macro, so earnings is likely primary focus. Overall, it's been a good earning season (80% of companies beating) but with a more muted equity reaction. The key takeaways from earning season are as follows:

First, earning...

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