🇺🇸 April payrolls beat the street, but a record-low Michigan Sentiment reading is the number the Fed can't ignore
🇺🇸 Claims came in clean. The FOMC behind them did not.
🇺🇸 ADP's April miss isn't the worry. The mid-market hiring squeeze is.
🇺🇸 ISM Services kept its expansion streak alive in April. The sub-index deterioration underneath is harder to dismiss.
🇺🇸 The services sector is telling the Fed exactly what it doesn't want to hear
🇺🇸 Behind the 53.6 services headline: a 7-point new orders drop and prices paid still at 70.7
🇺🇸 Treasury dropped core inflation from its scorecard. The timing is convenient.
🇺🇸 Q1 GDP came in at 2.0%. The PCE surge to 3.5% is the actual problem.
[US] Q1 GDP Climbs to 2.0% But a 4.5% PCE Deflator Traps the Fed in an Extended Hold
[US] Tariff Pass-Through Confirmed: Core PCE Goods Hit 2.8% as Q1 Deflator Surges to 4.3% Annualized
