New Deal Demoncrat - weekly indicators. Summary:
Corporate bonds, Treasury yields, and mortgage rates have all improved enough to remain neutral, as does growth in real estate loans. The yield curve, money supply, and purchase mortgages also remain positive, as are the two more leading Chicago Fed Financial Conditions Indexes. Refinance mortgage applications are the sole negative.
Short leading indicators, including stock prices, industrial metals, the regional Fed new orders indexes, spreads, financial conditions, staffing, the US$, oil and gas prices and usage are all positive. Jobless claims nominally are neutral, but adjusted for the impact of Harvey remain very positive.
Among the coincident indicators, positives included consumer spending as measured by Johnson Redbook, steel, the TED spread, tax withholding, the Baltic Dry Index and Harpex. LIBOR remains negative. Rail was positive except for carloads ex-coal.
Despite the hurricane impacts, the economy appears in very good shape over the near term, and retains a positive tone, if more mutedly so, in the longer term.
Just a few weeks ago, though, NDD was less happy about the data. Could it be that his opinion has been changed by Trump twice dumping his own party to work with the Democrats?