Greetings,
United States: Consumer price gains remained elevated last month, but the pace of growth slowed (roughly in line with expectations).
Commodities: US lumber prices continue to sink.
Equities: Options volume is still elevated, especially relative to share trading volumes.
Rates: The 10-year real Treasury yield is far below the neutral real interest rate (r*).
Global Developments: Here is a look at sector performance during the recovery and mid-cycle expansion phases (2 charts).
Food for Thought: US Christians vs. religiously unaffiliated:
Edited by Richard Holmes
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