5 reasons June CPI gave "green light" for small-caps to continue to rally. Failed assassination attempt against Trump positive for Bitcoin, Cyclicals.

VIDEO: The astonishingly low June CPI is giving the green light for small-caps to rally.  We discuss how large a rally we could expect

Please click below to view our Macro Minute (duration: 6:05).

The major event over the weekend is the failed assassination attempt against former President Trump. This is a huge blessing that the assassin did not succeed. Data from betting markets, including RealClearPolitics.com show Trump’s chances of winning the White House surge to 65%, the highest level since the start of this election cycle.

• Past research from our data science team, led by “tireless Ken” shows that forward equity returns are not that differentiated based upon which party wins the White House in 2024. But there are likely sectoral implications. Thus, if the odds of Trump winning rise, we expect the following:
  – positive for Bitcoin (Trump is pro-bitcoin)
  – positive for Cyclicals/Commerical REITS
  – negative Energy as he supports expanded drilling
  – negative for Healthcare
• To me, the most compelling near-term investment case is small-cap stocks (IWM). We believe small-caps can gain as much as +50% in 2024, and so far up only 6%. Let me explain.
• The astonishingly low June CPI, in our view, is giving the “green light” for small-caps to continue to rally. Here are 5 reasons:
  – first, odds of a Sept rate cut jumped to 95% = greenlight
  – second, last year’s Oct-Dec IWM rally was +27% over 8 weeks on “Fed pause”
  – with actual Fed cut, we see a larger rally and longer
  – third, Mark Newton notes regional banks KRE broke out
  – fourth, investor inflation expectations too high = fuel for small-caps
  – fifth, quality spread (CCC less BB) shows a IWM catch-up trade
• The fact that Sept odds jumped to 95% from 70% this past week is important. While many might view 70% as high enough to be discounted, investors are naturally wary given the volatile reactions to inflation reports. But the June CPI is now the 3rd consecutive good inflation report and enough to convince rate markets to move to 95%. As the chart below highlights, small-caps are particularly sensitive to rate cut expectations.
• We think the coming small-cap rally, which started last week, should exceed last year’s Oct to Dec +27% gain. Recall, that was premised on soft inflation and a Fed making an informal “pivot.”
• This time, inflation is falling like a rock and the median inflation rate of +1.0% is below the pre-pandemic average. So it is absolutely tanking. Thus, any move in small-caps, we expect, would be far larger and far longer.
  – is it so crazy to expect +40% rally in 10 weeks?
• We have listed the top 25 largest 10 week moves in the Russell 2000 since 1978.
  – the Oct to Dec 2023 move only ranked #21
  – that means there are 20 rallies larger than this
• Think about the extremes in the Russell 2000 at the moment:
  – Have we ever seen a more oversold Russell vs S&P 500?
  – And more negative sentiment towards small-caps?
  – And relative valuation discount on P/B or P/E?
  – Recall, small-caps have higher EPS and sales growth vs S&P 500 as well
• Suffice it to say, we see the conditions for a strong rally in IWM. And Mark Newton, Head of Technical Strategy, believes a confirming “breakout” of small-caps could happen this week.
• Below are the key macro events this week:
  – 7/15 Mon 12:00 PM ET: Fed’s Powell Interview at Economic Club DC
  – 7/16 Tue 8:30 AM ET: Jun Retail Sales    -0.28%e
  – 7/16 Tue 10:00 AM ET: Jul NAHB Housing Market Index    44e
  – 7/17 Wed 9:00 AM ET: Jul M Manheim Used Vehicle Index
  – 7/17: Granny Shots Rebalance Webinar
  – 7/17 Wed 2:00 PM ET: Fed Releases Beige Book
  – 7/18 Thu 8:30 AM ET: Jul Philly Fed Business Outlook    3.1e
  – 7/18 Thu 4:00 PM ET: May Net TIC Flows
• We are also in 2Q24 earnings season, so these earnings will impact markets as well. As we noted last week, we think the overall tone should be positive, as the breadth of positive earnings should increase this quarter.

Bottom line: Stay constructive in July

We stay constructive. Our strategy recommendations remain, we stick with what is working:

• AI   NVDA CDNS ARM AMD AIQ
• Ozempic-related  LLY NVO
• Financials and Industrials XLI XLF
• Bitcoin & Proxies: BTC MARA PYPL COIN MSTR SMLR
• Feb Stealth: Small-caps IWM IJR

History also shows stocks strong in first half, outperform in the second half. Thus, we favor those S&P 500 names which gained >30% in 1H24. These are shown below.

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36 Granny Shot Ideas and 44 SMID Granny Shot Ideas: We performed our quarterly rebalance on 4/16. Full stock list here -> Click here

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Key incoming data July 2024:

• 7/1 9:45 AM ET: Jun F S&P Global Manufacturing PMI Tame
• 7/1 10:00 AM ET: Jun ISM Manufacturing PMI Tame
• 7/2 9:30 AM ET: Powell, Lagarde, Campos Neto Speak in Sintra Tame
• 7/2 10:00 AM ET: May JOLTS Job Openings Tame
• 7/3 8:30 AM ET: May Trade Balance Tame
• 7/3 9:45 AM ET: Jun F S&P Global Services PMI Tame
• 7/3 10:00 AM ET: Jun ISM Services PMI Tame
• 7/3 10:00 AM ET: May F Durable Goods Orders Tame
• 7/3 2:00 PM ET: Jun FOMC Meeting Minutes Tame
• 7/5 8:30 AM ET: Jun Jobs Report Tame
• 7/8 11:00 AM ET: Jun NY Fed 1yr Inflation Exp Tame
• 7/9 6:00 AM ET: Jun Small Business Optimism Survey Tame
• 7/9 9:00 AM ET: Jun F Manheim Used vehicle index Tame
• 7/9 10:00 AM ET: Fed’s Powell Testifies to Senate Banking Tame
• 7/10 10:00 AM ET: Fed’s Powell Testifies to House Financial Services Tame
• 7/11 8:30 AM ET: Jun CPI Tame
• 7/12 8:30 AM ET: Jun PPI Mixed
• 7/12 10:00 AM ET: Jul P U. Mich. Sentiment and Inflation Expectation Tame
• 7/15 8:30 AM ET: Jul Empire Manufacturing Survey
• 7/15 12:00 PM ET: Fed’s Powell Interviewed by David Rubenstein
• 7/16 8:30 AM ET: Jun Retail Sales Data
• 7/16 10:00 AM ET: Jul NAHB Housing Market Index
• 7/17 9:00 AM ET: Jul M Manheim Used vehicle index
• 7/17 2:00 PM ET: Jul Fed Releases Beige Book
• 7/18 8:30 AM ET: Jul Philly Fed Business Outlook
• 7/18 4:00 PM ET: May Net TIC Flows
• 7/22 8:30 AM ET: Jun Chicago Fed Nat Activity Index
• 7/23 10:00 AM ET: Jun Existing Home Sales
• 7/24 9:45 AM ET: Jul P S&P Global Manufacturing PMI
• 7/24 9:45 AM ET: Jul P S&P Global Services PMI
• 7/24 10:00 AM ET: Jun New Home Sales
• 7/25 8:30 AM ET: 2QA 2024 GDP
• 7/25 10:00 AM ET: Jun P Durable Goods Orders
• 7/26 8:30 AM ET: Jun PCE Deflator
• 7/26 10:00 AM ET: Jul F U. Mich. Sentiment and Inflation Expectation
• 7/29 10:30 AM ET: Jul Dallas Fed Manuf. Activity Survey
• 7/30 9:00 AM ET: May S&P CoreLogic CS home price
• 7/30 10:00 AM ET: Jul Conference Board Consumer Confidence
• 7/30 10:00 AM ET: May JOLTS Job Openings
• 7/31 8:30 AM ET: 2Q ECI QoQ
• 7/31 2:00 PM ET: Jul FOMC Decision

Key incoming data June 2024:

• 6/3 9:45 AM ET: May F S&P Global Manufacturing PMI Tame
• 6/3 10:00 AM ET: May ISM Manufacturing PMI Tame
• 6/4 10:00 AM ET: Apr JOLTS Job Openings Tame
• 6/4 10:00 AM ET: Apr F Durable Goods Orders Tame
• 6/5 9:45 AM ET: May F S&P Global Services PMI Tame
• 6/5 10:00 AM ET: May ISM Services PMI Tame
• 6/6 8:30 AM ET: 1Q F Nonfarm Productivity Tame
• 6/6 8:30 AM ET: Apr Trade Balance Tame
• 6/6 8:30 AM ET: 1Q F Unit Labor Costs Tame
• 6/7 8:30 AM ET: May Jobs Report Hot
• 6/7 9:00 AM ET: May F Manheim Used vehicle index Tame
• 6/10 11:00 AM ET: May NYFed 1yr Inf Exp Tame
• 6/11 6:00 AM ET: May Small Business Optimism Survey Tame
• 6/12 8:30 AM ET: May CPI Tame
• 6/12 2:00 PM ET: Jun FOMC Decision Tame
• 6/13 8:30 AM ET: May PPI Tame
• 6/14 10:00 AM ET: Jun P U. Mich. Sentiment and Inflation Expectation Tame
• 6/17 8:30 AM ET: Jun Empire Manufacturing Survey Tame
• 6/18 8:30 AM ET: May Retail Sales Data Tame
• 6/18 9:00 AM ET: Jun M Manheim Used vehicle index Tame
• 6/18 4:00 PM ET: Apr Net TIC Flows Tame
• 6/19 10:00 AM ET: Jun NAHB Housing Market Index Tame
• 6/20 8:30 AM ET: Jun Philly Fed Business Outlook Tame
• 6/21 9:45 AM ET: Jun P S&P Global Manufacturing PMI Tame
• 6/21 9:45 AM ET: Jun P S&P Global Services PMI Mixed
• 6/21 10:00 AM ET: May Existing Home Sales Tame
• 6/24 10:30 AM ET: Jun Dallas Fed Manuf. Activity Survey Tame
• 6/25 8:30 AM ET: May Chicago Fed Nat Activity Index Tame
• 6/25 9:00 AM ET: Apr S&P CoreLogic CS home price Tame
• 6/25 10:00 AM ET: Jun Conference Board Consumer Confidence Tame
• 6/26 10:00 AM ET: May New Home Sales Tame
• 6/27 8:30 AM ET: 1Q T 2024 GDP Tame
• 6/27 10:00 AM ET: May P Durable Goods Orders Tame
• 6/28 8:30 AM ET: May PCE Deflator Tame
• 6/28 10:00 AM ET: Jun F U. Mich. Sentiment and Inflation Expectation Tame

Key incoming data May 2024:

• 5/1 9:45 AM ET: Apr F S&P Global Manufacturing PMI Tame
• 5/1 10:00 AM ET: Apr ISM Manufacturing PMI Tame
• 5/1 10:00 AM ET: Mar JOLTS Job Openings Tame
• 5/1 2:00 PM ET: May FOMC Decision Dovish
• 5/2 8:30 AM ET: 1Q P Nonfarm Productivity Tame
• 5/2 8:30 AM ET: Mar Trade Balance Tame
• 5/2 8:30 AM ET: 1Q P Unit Labor Costs Mixed
• 5/2 8:30 AM ET: Mar F Durable Goods Orders Tame
• 5/3 8:30 AM ET: Apr Jobs Report Tame
• 5/3 9:45 AM ET: Apr F S&P Global Services PMI Tame
• 5/3 10:00 AM ET: Apr ISM Services PMI Tame
• 5/7 10:00 AM ET: Apr F Manheim Used vehicle index Tame
• 5/10 10:00 AM ET: May P U. Mich. Sentiment and Inflation Expectation Mixed
• 5/13 11:00 AM ET: Apr NYFed 1yr Inf Exp Tame
• 5/14 6:00 AM ET: Apr Small Business Optimism Survey Tame
• 5/14 8:30 AM ET: Apr PPI Mixed
• 5/15 8:30 AM ET: Apr CPI Tame
• 5/15 8:30 AM ET: Apr Retail Sales Data Tame
• 5/15 8:30 AM ET: May Empire Manufacturing Survey Tame
• 5/15 10:00 AM ET: May NAHB Housing Market Index Tame
• 5/15 4:00 PM ET: Mar Net TIC Flows Tame
• 5/16 8:30 AM ET: May Philly Fed Business Outlook Tame
• 5/17 10:00 AM ET: May M Manheim Used vehicle index Tame
• 5/22 10:00 AM ET: Apr Existing Home Sales Tame
• 5/22 2:00 PM ET: May FOMC Meeting Minutes Tame
• 5/23 8:30 AM ET: Apr Chicago Fed Nat Activity Index Tame
• 5/23 9:45 AM ET: Apr F S&P Global Manufacturing PMI Tame
• 5/23 9:45 AM ET: Apr F S&P Global Services PMI Tame
• 5/23 10:00 AM ET: Apr New Home Sales Tame
• 5/24 8:30 AM ET: Apr P Durable Goods Orders Tame
• 5/24 10:00 AM ET: May F U. Mich. Sentiment and Inflation Expectation Tame
• 5/28 9:00 AM ET: Mar S&P CoreLogic CS home price Tame
• 5/28 10:00 AM ET: May Conference Board Consumer Confidence Tame
• 5/28 10:30 AM ET: May Dallas Fed Manuf. Activity Survey Tame
• 5/29 2:00 PM ET: May Fed Releases Beige Book Tame
• 5/30 8:30 AM ET: 1Q S 2024 GDP Tame
• 5/31 8:30 AM ET: Apr PCE Deflator Tame

Key incoming data April 2024:

• 4/01 9:45 am ET: Mar F S&P Global Manufacturing PMI Tame
• 4/01 10:00 am ET: Mar ISM Manufacturing Mixed
• 4/02 10:00 am ET: Feb JOLTS Job Openings Tame
• 4/03 9:45 am ET: Mar F S&P Global Services PMI Tame
• 4/03 10:00 am ET: Mar ISM Services Tame
• 4/05 8:30 am ET: Mar Jobs Report Hot
• 4/05 9:00 am ET: Mar F Manheim Used Vehicle Index Tame
• 4/10 8:30 am ET: Mar CPI Hot
• 4/10 2pm ET: Mar FOMC Meeting Minutes Tame
• 4/11 8:30 am ET: Mar PPI Tame
• 4/12 10:00 am ET: Apr P U. Mich. Sentiment and Inflation Expectation Tame
• 4/15 8:30 am ET: Apr Empire Manufacturing Survey Tame
• 4/15 8:30 am ET: Mar Retail Sales Data Mixed
• 4/15 10:00 am ET: Apr NAHB Housing Market Index Tame
• 4/16 8:30 am ET: Apr New York Fed Business Activity Survey Tame
• 4/17 9:00 am ET: Apr Mid-Month Manheim Used Vehicle Index Tame
• 4/17 2:00 pm ET: Fed Releases Beige Book Tame
• 4/18 8:30 am ET: Apr Philly Fed Business Outlook Survey Tame
• 4/22 8:30 am ET: Mar Chicago Fed Nat Activity Survey Tame
• 4/23 9:45 am ET: Apr P S&P Global PMI Tame
• 4/25 8:30 am ET: 1QA 2024 GDP Tame
• 4/26 8:30 am ET: Mar PCE Tame
• 4/29 10:30 am ET: Apr Dallas Fed Manufacturing Activity Survey Tame
• 4/30 8:30 am ET: 1Q ECI Employment Cost Index Mixed
• 4/30 9:00 am ET: Feb S&P CoreLogic CS home price Tame
• 4/30 10:00 am ET: Apr Conference Board Consumer Confidence Tame

Key incoming data March 2024:

• 3/01 9:45 am ET: Feb F S&P Global Manufacturing PMI Tame
• 3/01 10:00 am ET: Feb ISM Manufacturing Tame
• 3/01 10:00 am ET: Feb F U. Mich. Sentiment and Inflation Expectation Tame
• 3/05 9:45 am ET: Feb F S&P Global Services & Composite PMI Tame
• 3/05 10:00 am ET: Feb ISM Services Tame
• 3/06 10:00 am ET: Powell Testimony before US House Financial Services Committee Dovish
• 3/06 10:00 am ET: Jan JOLTS Job Openings Tame
• 3/06 2:00 pm ET: Fed Releases Beige Book Tame
• 3/07 8:30 am ET: 4QF 2023 Nonfarm Productivity Tame
• 3/07 9:00 am ET: Feb F Manheim Used Vehicle Index Tame
• 3/07 10:00 am ET: Powell Testimony before US Senate Committee on Banking, Housing, and Urban Affairs Dovish
• 3/08 8:30 am ET: Feb Jobs Report Mixed
• 3/12 8:30 am ET: Feb CPI Slightly Hot (as anticipated)
• 3/14 8:30 am ET: Feb PPI Mixed
• 3/14 8:30 am ET: Feb Retail Sales Data Tame
• 3/15 8:30 am ET: Mar Empire Manufacturing Survey Tame
• 3/15 10:00 am ET: Mar P U. Mich. Sentiment and Inflation Expectation Tame
• 3/18 8:30 am ET: Mar New York Fed Business Activity Survey Tame
• 3/18 10:00 am ET: Mar NAHB Housing Market Index Tame
• 3/19 9:00 am ET: Mar Mid-Month Manheim Used Vehicle Index Tame
• 3/20 2:00 pm ET: Mar FOMC Rate Decision Dovish
• 3/21 8:30 am ET: Mar Philly Fed Business Outlook Survey Tame
• 3/21 9:45 am ET: Mar P S&P Global PMI Tame
• 3/25 10:30 am ET: Mar Dallas Fed Manufacturing Activity Survey Tame
• 3/26 9:00 am ET: Mar S&P CoreLogic CS home price Tame
• 3/26 10:00 am ET: Mar Conference Board Consumer Confidence Tame
• 3/28 8:30 am ET: 4QT 2023 GDP Tame
• 3/28 10:00 am ET: Mar F U. Mich. Sentiment and Inflation Expectation Tame
• 3/29 8:30 am ET: Feb PCE Tame

Key incoming data February 2024:

• 2/01 8:30am ET 4QP 2023 Nonfarm Productivity Mixed
• 2/01 9:45am ET S&P Global Manufacturing PMI January Final Tame 
• 2/01 10am ET January ISM Manufacturing Mixed
• 2/02 8:30am ET January Jobs Report Hot
• 2/02 10am ET: U. Mich. Sentiment and Inflation Expectation January Final Tame 
• 2/05 9:45am ET S&P Global Services & Composite PMI January Final Tame 
• 2/05 10am ET January ISM Services Tame 
• 2/07 9am ET Manheim Used Vehicle Index January Final Mixed
• 2/09 CPI Revisions Tame 
• 2/13 8:30am ET January CPI  Mixed
• 2/14 PPI Revisions Tame 
• 2/15 8:30am ET February Empire Manufacturing Survey  Tame 
• 2/15 8:30am ET February Philly Fed Business Outlook Survey Tame 
• 2/15 8:30am ET January Retail Sales Data Tame 
• 2/15 10am EST February NAHB Housing Market Index  Tame 
• 2/16 8:30am ET January PPI Mixed
• 2/16 8:30am ET February New York Fed Business Activity Survey Tame 
• 2/16 10am ET U. Mich. Sentiment and Inflation Expectation February Prelim Tame 
• 2/19 9am ET Manheim Used Vehicle Index February Mid-Month Tame 
• 2/21 2pm ET January FOMC Meeting Minutes Tame 
• 2/22 9:45am ET S&P Global PMI February Prelim Tame 
• 2/26 10:30am ET February Dallas Fed Manufacturing Activity Survey Tame
• 2/27 9am ET February S&P CoreLogic CS home price Tame
• 2/27 10am ET February Conference Board Consumer Confidence Tame
• 2/28 8:30am ET 4QS 2023 GDP Tame
• 2/29 8:30am ET January PCE Tame

Key incoming data January 2024:

• 1/02 9:45am ET S&P Global Manufacturing PMI December Final Mixed
• 1/03 10am ET December ISM Manufacturing Tame 
• 1/03 10am ET JOLTS Job Openings November Tame 
• 1/03 2pm ET December FOMC Meeting Minutes Tame 
• 1/04 9:45am ET S&P Global Services & Composite PMI December Final Tame 
• 1/05 8:30am ET December Jobs Report Mixed
• 1/05 10am ET December ISM Services Tame 
• 1/08 9am ET Manheim Used Vehicle Index December Final Tame 
• 1/11 8:30am ET December CPI Details Suggest Tame
• 1/12 8:30am ET December PPI Tame 
• 1/16 8:30am ET January Empire Manufacturing Survey Tame 
• 1/17 8:30am ET January New York Fed Business Activity Survey Tame 
• 1/17 8:30am ET December Retail Sales Data Strong
• 1/17 9am ET Manheim Used Vehicle Index January Mid-Month Tame 
• 1/17 10am EST January NAHB Housing Market Index Mixed
• 1/18 8:30am ET January Philly Fed Business Outlook Survey Tame 
• 1/19 10am ET U. Mich. Sentiment and Inflation Expectation January Prelim Tame 
• 1/24 9:45am ET S&P Global PMI January Prelim Mixed
• 1/25 8:30am ET 4QA 2023 GDP Mixed
• 1/26 8:30am ET December PCE Tame 
• 1/29 9:30am ET Dallas Fed January Manufacturing Activity Survey Tame 
• 1/30 9am ET January S&P CoreLogic CS home price Tame 
• 1/30 10am ET January Conference Board Consumer Confidence Tame 
• 1/30 10am ET JOLTS Job Openings December Mixed
• 1/31 2pm ET FOMC Rate Decision Tame 

Key incoming data December 2023:

• 12/01 9:45am ET S&P Global Manufacturing PMI November Final Tame 
• 12/01 10am ET November ISM Manufacturing Strong 
• 12/05 9:45am ET S&P Global Services & Composite PMI November Final Strong 
• 12/05 10am ET JOLTS Job Openings October Tame 
• 12/05 10am ET November ISM Services Strong 
• 12/06 8:30am ET 3QF 2023 Nonfarm Productivity Strong 
• 12/07 9am ET Manheim Used Vehicle Index November Final Tame 
• 12/08 8:30am ET November Jobs Report Tame
• 12/08 10am ET U. Mich. Sentiment and Inflation Expectation December Prelim Tame 
• 12/12 8:30am ET November CPI Tame
• 12/13 8:30am ET November PPI Tame
• 12/13 2pm ET FOMC Rate Decision Dovish
• 12/14 8:30am ET November Retail Sales Data Tame
• 12/15 8:30am ET December Empire Manufacturing Survey Tame
• 12/15 9:45am ET S&P Global PMI December Prelim Tame
• 12/18 8:30am ET December New York Fed Business Activity Survey Tame
• 12/18 10am ET December NAHB Housing Market Index Tame
• 12/19 9am ET Manheim Used Vehicle Index December Mid-Month Tame
• 12/20 10am ET December Conference Board Consumer Confidence Tame
• 12/21 8:30am ET 3QT 2023 GDP Mixed
• 12/21 8:30am ET December Philly Fed Business Outlook Survey Mixed
• 12/22 8:30am ET November PCE Tame
• 12/22 10am ET: U. Mich. Sentiment and Inflation Expectation December Final Tame
• 12/26 9am ET December S&P CoreLogic CS home price Tame
• 12/26 10:30am ET Dallas Fed December Manufacturing Activity Survey Tame
• 12/29 9:45am ET December Chicago PMI

Key incoming data November 2023:

• 11/01 9:45am ET S&P Global PMI October Final Tame
• 11/01 10am ET JOLTS Job Openings September Mixed
• 11/01 10am ET October ISM Manufacturing Tame
• 11/01 10am ET Treasury 4Q23 Quarterly Refunding Press Conference Tame
• 11/01 2pm ET FOMC Rate Decision Dovish
• 11/02 8:30am ET: 3Q23 Nonfarm Productivity Tame
• 11/03 8:30am ET October Jobs Report Tame
• 11/03 10am ET October ISM Services Mixed
• 11/07 9am ET Manheim Used Vehicle Index October Final Tame
• 11/10 10am ET U. Mich. November prelim Sentiment and Inflation Expectation Hot
• 11/14 8:30am ET October CPI Tame
• 11/15 8:30am ET October PPI Tame
• 11/15 8:30am ET November Empire Manufacturing Survey  Resilient
• 11/15 8:30am ET October Retail Sales Data Resilient
• 11/16 8:30am ET November New York Fed Business Activity Survey Tame
• 11/16 8:30am ET November Philly Fed Business Outlook Survey  Tame
• 11/16 10am ET November NAHB Housing Market Index  Tame
• 11/17 9am ET Manheim Used Vehicle Index November Mid-Month Tame
• 11/21 2pm ET Nov FOMC Meeting Minutes Tame
• 11/22 10am ET: U. Mich. November final Sentiment and Inflation Expectation Tame
• 11/24 9:45am ET S&P Global PMI November Prelim Mixed
• 11/27 10:30am ET Dallas Fed November Manufacturing Activity Survey Tame
• 11/28 9am ET November S&P CoreLogic CS home price  Tame
• 11/28 10am ET November Conference Board Consumer Confidence Tame
• 11/29 8:30am ET 3QS 2023 GDP Strong
• 11/29 2pm ET Fed Releases Beige Book Tame
• 11/30 8:30am ET October PCE Tame

Key incoming data October 2023:

• 10/2 10am ET September ISM Manufacturing Tame
•  10/3 10am ET JOLTS Job Openings August Hot
•  10/4 10am ET September ISM Services Tame
•  10/6 8:30am ET September Jobs Report Mixed
•  10/6 9am ET Manheim Used Vehicle Index September Final Tame
• 10/10 11am NY Fed Inflation Expectations Mixed
•  10/11 8:30am ET September PPI Mixed
•  10/11 2pm ET Sep FOMC Meeting Minutes Tame
•  10/12 8:30am ET September CPI Mixed
•  10/13 10am ET U. Mich. September prelim 1-yr inflation Mixed
•  10/16 8:30am ET October Empire Manufacturing Survey Tame
•  10/17 8:30am ET October New York Fed Business Activity Survey Tame
• 10/17 8:30am ET September Retail Sales Data Hot
•  10/17 9am ET Manheim October Mid-Month Used Vehicle Value Index Tame
•  10/17 10am ET October NAHB Housing Market Index Tame
• 10/18 8:30am ET September Housing Starts Tame
• 10/18 2pm ET Fed releases Beige Book Tame
•  10/19 8:30am ET October Philly Fed Business Outlook Survey Tame
• 10/19 10am ET Existing Home Sales Tame
• 10/19 12pm ET Fed (including Powell) at Economic Club of New York
•  10/24 9:45am ET S&P Global PMI October Prelim Tame
•  10/26 8:30am ET 3Q 2023 GDP Advance Strong
•  10/27 8:30am ET September PCE Tame
•  10/27 10am ET Oct F UMich Sentiment and Inflation expectation Tame
•  10/30 10:30am ET Dallas Fed September Manufacturing Activity Survey Tame
• 10/31 8:30am ET 3Q23 Employment Cost Index Mixed
•  10/31 9am ET August S&P CoreLogic CS home price Mixed
•  10/31 10am ET October Conference Board Consumer Confidence Tame

Key incoming data September 2023:

•  9/1 8:30am ET August Jobs Report Tame
•  9/1 10am ET August ISM Manufacturing Tame
•  9/6 10am ET August ISM Services Mixed
•  9/6 2pm ET Fed releases Beige Book Tame
•  9/8 9am ET Manheim Used Vehicle Index August Final Tame
•  9/8 2Q23 Fed Flow of Funds Report Tame
•   9/13 8:30am ET August CPI Mixed
•  9/14 8:30am ET August PPI Tame
•  9/15 8:30am ET September Empire Manufacturing Survey Tame
•  9/15 10am ET U. Mich. September prelim 1-yr inflation Tame
•  9/18 8:30am ET September New York Fed Business Activity Survey Tame
•  9/18 10am ET September NAHB Housing Market Index Tame
•  9/19 9am ET Manheim September Mid-Month Used Vehicle Value Index Mixed
•  9/20 2pm ET September FOMC rates decision Market saw Hawkish
•  9/21 8:30am ET September Philly Fed Business Outlook Survey Mixed
•  9/22 9:45am ET S&P Global PMI September Prelim
•  9/25 10:30am ET Dallas Fed September Manufacturing Activity Survey
•  9/26 9am ET July S&P CoreLogic CS home price
•  9/26 10am ET September Conference Board Consumer Confidence

Key incoming data August 2023:

• 8/1 10am ET July ISM Manufacturing Tame
• 8/1 10am ET JOLTS Job Openings Jun Tame
• 8/2 8:15am ADP National Employment Report Hot
• 8/3 10am ET July ISM Services Tame
• 8/4 8:30am ET July Jobs report Tame
• 8/7 11am ET Manheim Used Vehicle Index July Final Tame
• 8/10 8:30am ET July CPI Tame
• 8/11 8:30am ET July PPI Tame
• 8/11 10am ET U. Mich. July prelim 1-yr inflation Tame
• 8/11 Atlanta Fed Wage Tracker July Tame
• 8/15 8:30am ET Aug Empire Manufacturing Survey Mixed 
• 8/15 10am ET Aug NAHB Housing Market Index Tame
• 8/16 8:30am ET Aug New York Fed Business Activity Survey Neutral
• 8/16 2pm ET FOMC Minutes Mixed
• 8/17 8:30am ET Aug Philly Fed Business Outlook Survey Positive
• 8/17 Manheim Aug Mid-Month Used Vehicle Value Index Tame
• 8/23 9:45am ET S&P Global PMI Aug Prelim Weak
• 8/25 10am ET Aug Final U Mich 1-yr inflation Mixed
• 8/28 10:30am ET Dallas Fed Aug Manufacturing Activity Survey Tame
• 8/29 9am ET June S&P CoreLogic CS home price Tame
• 8/29 10am ET Aug Conference Board Consumer Confidence Tame
• 8/29 10 am ET Jul JOLTS Tame
• 8/31 8:30am ET July PCE Tame

Key incoming data July 2023:

• 7/3 10am ET June ISM Manufacturing Tame
• 7/6 8:15am ADP National Employment Report Hot
• 7/6 10am ET June ISM Services Tame
• 7/6 10 am ET May JOLTS Tame
• 7/7 8:30am ET June Jobs report Mixed
• 7/10 11am ET Manheim Used Vehicle Index June Final Tame
• 7/12 8:30am ET June CPI Tame
• 7/13 8:30am ET June PPI Tame
• 7/13 Atlanta Fed Wage Tracker June Tame
• 7/14 10am ET U. Mich. June prelim 1-yr inflation Mixed
• 7/17 8:30am July Empire Manufacturing Survey
• 7/18 8:30am July New York Fed Business Activity Survey
• 7/18 10am July NAHB Housing Market Index in-line
• 7/18 Manheim July Mid-Month Used Vehicle Value Index Tame
• 7/25 9am ET May S&P CoreLogic CS home price Tame
• 7/25 10am ET July Conference Board Consumer Confidence Tame
• 7/26 2pm ET July FOMC rates decision Tame
• 7/28 8:30am ET June PCE Tame
• 7/28 8:30am ET 2Q ECI Employment Cost Index Tame
• 7/28 10am ET July Final U Mich 1-yr inflation Tame

Key data from June 2023:

• 6/1 10am ET May ISM Manufacturing Tame
• 6/2 8:30am ET May Jobs report Tame
• 6/5 10am ET May ISM Services Tame
• 6/7 Manheim Used Vehicle Value Index May Tame
• 6/9 Atlanta Fed Wage Tracker April Tame
• 6/13 8:30am ET May CPI Tame
• 6/14 8:30am ET May PPI Tame
• 6/14 2pm ET April FOMC rates decision Tame
• 6/16 10am ET U. Mich. May prelim 1-yr inflation Tame
• 6/27 9am ET April S&P CoreLogic CS home price Tame
• 6/27 10am ET June Conference Board Consumer Confidence Tame
• 6/30 8:30am ET May PCE Tame
• 6/30 10am ET June Final U Mich 1-yr inflation Tame

Key data from May 2023:

• 5/1 10am ET April ISM Manufacturing (PMIs turn up) Positive inflection
• 5/2 10am ET Mar JOLTS Softer than consensus
• 5/3 10am ET April ISM Services Tame
• 5/3 2pm Fed May FOMC rates decision Dovish
• 5/5 8:30am ET April Jobs report Tame
• 5/5 Manheim Used Vehicle Value Index April Tame
• 5/8 2pm ET April 2023 Senior Loan Officer Opinion Survey Better than feared
• 5/10 8:30am ET April CPI Tame
• 5/11 8:30am ET April PPI Tame
• 5/12 10am ET U. Mich. April prelim 1-yr inflation Tame
• 5/12 Atlanta Fed Wage Tracker April Tame
• 5/24 2pm ET May FOMC minutes Dovish
• 5/26 8:30am ET PCE April Tame
• 5/26 10am ET U. Mich. April final 1-yr inflation Tame
• 5/31 10am ET JOLTS April job openings