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Sentimental Steepener
Shorter-maturity Treasurys staged a pretty meaningful rally into the weekend following a lackluster read on US manufacturing activity and a non-trivial downward revision to the University of Michigan headline.
Between them, the ISM miss and sentiment revision suggested a loss of momentum for the otherwise unyielding economy. To be completely honest, I planned on skipping the final read on Michigan sentiment. Typically, the revision's a non-event. Not so much this time around.
The figure below
I am of the “Forrest Gump” varietal of investors. Who knew 2024 would like my portfolio so much (at least so far).
SPY with bookends of mega tech (superstars are Nvidia and Broadcom) and dividend payers (VYM).