Equities suffer technical damage (which takes time) but consistent with tough August. 2H24 still expected to gain strongly, led by small-caps Array ( [cookie] => 02ac7f-09782f-bd6a7b-43b3d7-e03dd7 [current_usage] => 1 [max_usage] => 2 [current_usage_crypto] => 1 [max_usage_crypto] => 2 [lock] => [message] => [error] => [active_member] => 0 [subscriber] => 0 [role] => [visitor_id] => 133086 [reason] => Usage under limits [method] => ) 1 and can accesss 1

VIDEO: The tumult of the last 3 days has done technical damage to markets that will take time. But this has not changed our overall stance.  August historically is a tough month but we see small-caps outperforming near term.  And our work continues to point to S&P 500 seeing solid gains in 2H, but after Sept

Please click below to view our Macro Minute (duration: 09:06)

After the bludgeoning of markets over the past few days, top of mind for many is whether the outlook for equities has structurally changed. As we analyze in this report, the near-term outlook (August is tough but small-caps favored) and YE outlook (strong 2H, but gains after Sept) remain largely intact. There has been technical damage to the market that will take time to recover (per Mark Newton). So in the near term, investors need to be wary but an attractive risk-on opportunity will emerge.

• If I had to list the “wall of worry” for investors at the moment, topping the list would be:
  – Equity indices suffer technical damage, requiring time to heal
  – Seasonals poor for August historically
  – July jobs report raises concerns Fed is “too late”
  – Bank of Japan raised policy rates to +0.25% highest since GFC
  – Geopolitical risks heightened in Middle East
  – Large-cap rotation out of MAG7 causing “portfolio pain”
  – 2024 Presidential election tightened dramatically since debates
• Mark Newton, head of Technical Strategy, wrote on Friday:
  – “Friday’s undercut of support looks like a 1-2 week negative, but ultimately short-lived”
  – but he warns a short-term rally might emerge but this likely fails
  – “Small-caps underperformed sharply this past week, but I feel that Small-caps should remain an area of focus between now and mid-September.”
• We were wrong to expect markets to rally post-July FOMC. Instead, markets sold off sharply. But investors are naturally wary given the volatility over the past few days and with the VIX surging to 29, this is a sign that fear is getting priced into equities (and thus, closer to a bottom).
• Several traders noted that the rally in the Yen (JPY), following the Bank of Japan hike to +0.25% overnight rate (highest since GFC), could trigger an unwind of the popular global carry trade. And this is a factor behind the broader risk-off market. It does seem to be the case that USD-JPY and S&P 500 have moved in lockstep since July 11th (date of June CPI release). But we don’t know how long this relationship will hold.
• Equity investors were similarly rattled by the July jobs report miss (Fri). And that raised concerns that Sept is too late for rate cuts. With the passage of time, it is very likely markets “over-reacted” to the July jobs report (usually the case). And Goldman Sachs Economist, Jan Hatzius, also noted that the weak July report is less likely a signal of a sudden downturn in economic growth.
• Moreover, FOMC members will be making multiple appearances in coming weeks and at the end of the month is the Fed Jackson Hole Symposium (8/22-8/24). In the coming among the Fed appearances:
  – 8/5 Mon 8:30 AM ET: Fed’s Goolsbee on CNBC
  – 8/5 Mon 5:00 PM ET: Fed’s Daly Speaks in Moderated Discussion
  – 8/8 Thu 3:00 PM ET: Fed’s Barkin Speaks in Fireside Chat
• Our base case has been August is a tough month for stocks as we noted at the end of July.
  – since 1950, when S&P 500 is up >10% in the first half
  – 23 instances
  – August is positive 39% of the time, median loss is -0.6%
  – Sept not much better 52% positive, median gain +1%
  – Of the 23 instances, only 3 Augusts saw >2% gains, 1986, 1987 and 2021
• But a tough August-Sept is pretty typical. As many are aware, it is hard to make money in August. And worsened by the diminished liquidity as many take vacation in August.
• But probabilities still favor a strong second half. As we noted previously:
  since 1950, when S&P 500 is up >10% in the first half
  – 23 instances
  – 2H (second half) gains +9.8%, 83% win-ratio
  – the 4 negative 2H instances were 1975, 1983, 1986, 1987
  – essentially, all the negative 2H were during Volcker era
• As for small-caps, we remain constructive. The 2-day selloff has been painful and there is a possibility this spills into early next week. But the fundamental and technical case for small-caps remains strong.
• For instance, the Russell 2000 rose 12% (30D rolling) and then fell -7%. This is shockingly rare:
  – since 1979, only 9 times
  – >10% 30D then fall -6% over 5D
  – only negative instance was March 2000, start of “bear”
  – 1M, 3M, 6M, 12M returns 6%, 13%, 24%, and 36% respectively
• In other words, gains in small-caps followed by an “elevator down” decline are signs of being in a small-cap bull market. So our constructive view remains in place.
• As for valuations, keep in mind the Russell 2000 trades at a 40% P/E (2025) discount to the S&P 500. That is a shockingly high discount since IWM 0.11%  historically traded at a premium:
  – median P/E IWM 10.5X vs large-cap 17.8X
  – 2nd quintile: 8.7X vs 15.6X
  – 3rd quintile: 12.8X vs 19.4X
  – 4th quintile: 20.1X vs 26.4X
• You get the picture. The risk-reward for small-caps is assymetric. The probabilities favor a 30% to 40% move in the next few months.
• But we realize that there has been technical damage to equities in the near-term. A list of our SMID Granny Shots is below.

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42 SMID Granny Shot Ideas: We performed our quarterly rebalance on 7/16. Full stock list here -> Click here

______________________________

PS: if you are enjoying our service and its evidence-based approach, please leave us a positive 5-star review on Google reviews —> Click here.

Key incoming data August 2024:

• 8/1 8:30 AM ET: 2Q P Nonfarm Productivity Tame
• 8/1 8:30 AM ET: 2Q P Unit Labor Costs Tame
• 8/1 9:45 AM ET: Jul F S&P Global Manufacturing PMI Tame
• 8/1 10:00 AM ET: Jul ISM Manufacturing PMI Tame
• 8/2 8:30 AM ET: Jul Jobs Report Tame
• 8/2 10:00 AM ET: Jun F Durable Goods Orders Tame
• 8/5 9:45 AM ET: Jul F S&P Global Services PMI
• 8/5 10:00 AM ET: Jul ISM Services PMI
• 8/6 8:30 AM ET: Jun Trade Balance
• 8/7 9:00 AM ET: Jul F Manheim Used vehicle index
• 8/12 11:00 AM ET: Jul NYFed 1yr Inf Exp
• 8/13 6:00 AM ET: Jul Small Business Optimisim Survey
• 8/13 8:30 AM ET: Jul PPI
• 8/14 8:30 AM ET: Jul CPI
• 8/15 8:30 AM ET: Jul Retail Sales Data
• 8/15 8:30 AM ET: Aug Empire Manufacturing Survey
• 8/15 8:30 AM ET: Aug Philly Fed Business Outlook
• 8/15 10:00 AM ET: Aug NAHB Housing Market Index
• 8/15 4:00 PM ET: Jun Net TIC Flows
• 8/16 10:00 AM ET: Aug P U. Mich. Sentiment and Inflation Expectation
• 8/19 9:00 AM ET: Aug M Manheim Used vehicle index
• 8/21 2:00 PM ET: Jul FOMC Meeting Minutes
• 8/22 8:30 AM ET: Jul Chicago Fed Nat Activity Index
• 8/22 9:45 AM ET: Aug P S&P Global Manufacturing PMI
• 8/22 9:45 AM ET: Aug P S&P Global Services PMI
• 8/22 10:00 AM ET: Jul Existing Home Sales
• 8/23 10:00 AM ET: Jul New Home Sales
• 8/26 10:00 AM ET: Jul P Durable Goods Orders
• 8/26 10:30 AM ET: Aug Dallas Fed Manuf. Activity Survey
• 8/27 9:00 AM ET: Jun S&P CoreLogic CS home price
• 8/27 10:00 AM ET: Aug Conference Board Consumer Confidence
• 8/29 8:30 AM ET: 2Q S 2024 GDP
• 8/30 8:30 AM ET: Jul PCE Deflator
• 8/30 10:00 AM ET: Aug F U. Mich. Sentiment and Inflation Expectation

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 Tame
• 7/15 12:00 PM ET: Fed’s Powell Interviewed by David Rubenstein Tame
• 7/16 8:30 AM ET: Jun Retail Sales Data Tame
• 7/16 10:00 AM ET: Jul NAHB Housing Market Index Tame
• 7/17 9:00 AM ET: Jul M Manheim Used vehicle index Mixed
• 7/17 2:00 PM ET: Jul Fed Releases Beige Book Tame
• 7/18 8:30 AM ET: Jul Philly Fed Business Outlook Tame
• 7/18 4:00 PM ET: May Net TIC Flows Tame
• 7/22 8:30 AM ET: Jun Chicago Fed Nat Activity Index Tame
• 7/23 10:00 AM ET: Jun Existing Home Sales Tame
• 7/24 9:45 AM ET: Jul P S&P Global Manufacturing PMI Tame
• 7/24 9:45 AM ET: Jul P S&P Global Services PMI Tame
• 7/24 10:00 AM ET: Jun New Home Sales Tame
• 7/25 8:30 AM ET: 2QA 2024 GDP Tame
• 7/25 10:00 AM ET: Jun P Durable Goods Orders Tame
• 7/26 8:30 AM ET: Jun PCE Deflator Tame
• 7/26 10:00 AM ET: Jul F U. Mich. Sentiment and Inflation Expectation Tame
• 7/29 10:30 AM ET: Jul Dallas Fed Manuf. Activity Survey Tame
• 7/30 9:00 AM ET: May S&P CoreLogic CS home price Tame
• 7/30 10:00 AM ET: Jul Conference Board Consumer Confidence Tame
• 7/30 10:00 AM ET: May JOLTS Job Openings Tame
• 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