DC Lite #209
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1. Affordability. For the first time since June 2020, the income required to afford the typical US home fell on an annual basis.
2. Labor differential. "Attitudes about the labor market are deteriorating. Fresh low in the Labor Differential. Not a welcome sign for unemployment."
3. FOMC vs. R-star. "More members are now open to the idea of a rising R*, and that increases the chance that the current easing campaign will end much earlier than pricing now implies."
4. Copper vs. gold. "Historically, as shown in the chart below, key turning points in base metals began with a significant rise in gold prices. Copper prices are likely gearing for another significant catch-up move, in my opinion."
5. Retail portfolios. Nvidia and Apple account for over 20% of the average retail investor's portfolio.
