1. The Redbook index of same-store sales remained solid.

2. Domestic banks reported tighter lending standards for C&I loans, due to a more uncertain economic outlook and reduced risk tolerance. Lending standards for household and CRE were roughly unchanged.

3. With yesterday’s positive PMI prints, our surprise index for soft data (surveys and sentiment indicators) rebounded further.

• Both hard data and soft data now imply solid growth, based on our timely estimates.

4. The market is not pricing in a second wave of inflation.