The Macro Tourist Has A New Favorite Chart…

On Friday, the market got what we (and at least a couple of other commentators) described as a "Goldilocks" University of Michigan sentiment report. In addition to the headline gauge recovering further from a disconcerting slide in August, long-run inflation expectations printed an all-time low. In short, buoyant consumer sentiment, expected increases in household incomes and record low inflation expectations ostensibly argue for resilient consumption and more Fed cuts, respectively. Or at lea

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