Forty "W"ritings

Weak economic data and persistent geopolitical turmoil has done little to derail the global equity rally this month.

While there still may be pain to be felt in the economy we can be thankful for equity markets in 2023.

Key Takeaways: Monetary policy typically acts on a lag. Aggressive tightening cycle starting to filter into the economy. Labor market is showing signs of weakening. Consumers are strained by high borrowing costs. Housing is paralyzed.

Key Takeaways: Credit card debt surging. Confidence falls further. Inflation expectations highest since 2011. U.S. equities lead global equity rally. Yields higher on weak auction demand. Commodities fall sharply; oil near bear market.

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Key Takeaways: S&P 500 expected to report earnings growth for first time since 3Q22. Communication services leading performance. Financials resilient, but see risks given tighter financial conditions. Energy suffering on lower year-over-year oil prices. Multinational companies being hurt by stronger U.S. Dollar.