It seems that macro threats are popping up everywhere these days, but the broad trend for the US economy has yet to show substantial signs of stress overall. The May update of a diversified set of 14 economic and financial data sets continues to track positive with regards to measuring business cycle risk. There are some cracks that deserve monitoring—rising oil prices, weak housing data, and a wobble in consumer sentiment. But the majority of indicators in the aggregate still look encouraging. Near-term projections imply that the upbeat trend will soften a bit in the months to come but otherwise roll on.
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