My View of the Current Macro Data:

GDP growth: Slowing

Inflation: Choppy sideways (end of disinflation regime)

Unemployment: Early stages of acceleration?

High yield OAS: Stable

US net liquidity: Sideways (since late April 2022)

Worldwide liquidity: Sideways

Manufacturing: 10 straight months of contraction

Manufacturing new orders: 12 straight months of contraction

Services: Still mildly expansionary

Real interest rates: Rising

Yield curve: Bearish steepening

Until something changes, regarding risk assets...

Near-term (days/weeks) outlook: Crabby 🦀

Mid-term (months/quarters) outlook: Bearcrab 🐻🦀

(FOR INFOTAINMENT PURPOSES ONLY.)