U.S. Composite PMI per ⁦@SPGlobal⁩ has moved lower but is still broadly consistent with solid GDP growth (in year/year terms) pic.twitter.com/462vvUtwuE

Per below, the whole US yield curve shifted up in reaction to the data (see prior post), including the 2-year which traded above 5% as markets pushed to December the expectation of the first rate cut by the #FederalReserve. (Amazing to think that, just four months ago, #markets… pic.twitter.com/gmZDG1xxGU

This goes some way in reconciling what had been a notable divergence between much of the macro data (strong) and quite a few of the bottom-up indicators (weaker). #economy #growth #markets pic.twitter.com/OovJ1FVYBy

S&P 500 with a max pullback of 5.5% in '24 so far. Since 1980, only 4 full years saw a smaller pullback. Avg yr since 1980 with a 14.2% max pullback. pic.twitter.com/2SZwV4mwlL