DC Lite #169

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1. Core PCE (II). Supercore "came in at 0.19% m/m, with the 3-month average back to pre-pandemic levels and consistent with 2% inflation. Overall pressure is likely to remain lower given ongoing deflationary trends in cars."

2. Consumer sentiment (II). Since mid-2022, sentiment has improved sharply among consumers with the largest stock holdings while sentiment for those without stocks has increased marginally and remains depressed.

3. US equity fund flows. "Inflows moderated strongly for equities this past week (to +$2.17bn from a high +$39.03bn)."

4. Market cap dominance. "We are one bad payroll away from cracking monopolistic/oligopolistic dominance."

5. Q2 growth (II). Companies generating more than 50% of their revenue outside the US are enjoying significantly higher earnings growth than companies deriving most of their sales domestically.