Conflicting Signals

The incoming macro data's not going to tell us a consistent story. Maybe we should stop consulting it. Under the circumstances, a cool read on ISM services Tuesday might've been just what the doctor ordered to the extent an underwhelming print had the potential to allay concerns that much like early 2023, the US economy's running too hot for comfort in the context of the Fed's efforts to restore price stability. Although the ISM headline did miss, the undershoot was trivial and the subindexes