1. The weekly economic index rose to near 3%.

2. The Dallas Fed manufacturing index slipped back into negative territory, indicating a slight contraction in factory activity.

• Production (moderated, though future expectations improved):

• New orders (also eased, with improving expectations):

• Employment (jumped):

• Price pressure (ticked up, with sharply higher future expectations):

• Capex (improved):

3. Much of the CRE sector is challenged. The office vacancy rate is at a record high. The Apartment List vacancy rate has been trending higher and is now above pre-pandemic levels.

4. Cash pile grew for most income cohorts in Q4 even after adjusting for inflation, except the bottom 20%.

Back to Index

1. Consumers appeared confident just before the geopolitical shock. Net consumer credit beat expectations, supported by strong credit card borrowing. Mortgage approvals also rose and topped consensus.

• Mortgage approvals also rose and topped consensus.

Back to Index

1. Eurozone economic sentiment fell, …