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Macro Data Week In Review May 16 - May 20 @mbusigin on Global Macro Contrarians on Stocktwits.tv
Data Was Soft Citigroup US economic surprise index is just shy of its September lows.
LEI Softness ,[object Object]
Philly Manufacturing Index also weak,[object Object]
New Housing Bottom Bounces (but we already knew that)
Production & Capacity ,[object Object]
Industrial Production was flat
Slack in the system continues to grow - inflation pressures for domestically produced goods will remain low,[object Object]
Backlogs Still Pressuring Capacity
Claims Should Resume Decline
Gasoline & Oil Stock Oil & Gasoline stocks converging from seasonal extremes
Debt Ceiling Negotiations continue. Obama pledging to reduce projected deficit by $4T over 12y, maybe = $333B/yr. That's 8.8% of expenditures. Obama's a weak negotiator, so I think there's a risk that could double. The result would likely push the output gap past $1T.

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