DC Lite #398

1. Hard vs. soft data. "All year long ... The Fed told us there was no reason to ease monetary policy simply because pessimism had increased when hard data was still showing strength. However ... since the end of May, 'hard data' economic reports have also collapsed."

2. ETH ETF flows. "US spot Ethereum ETFs recorded their largest weekly net inflows since launch - 225,857 ETH - extending a multi-week trend of growing institutional demand."

3. Institutional Investor Risk Appetite. State Street's index "closed June at near-record levels and saw +5-year highs during the month. The 'Big Money' is very bullish on risk assets, which one can read as good or bad for stocks. Over the short term, we think their confidence is a positive."

4. Hedge funds vs. Staples. "HFs bought the dip in US Staples as the sector was net bought for the 2nd straight week ... [last] week’s net buying in the sector was the largest since Aug ’23 and ranks in the 98th percentile vs. the last five years."

5. Hyperscaler capex. And finally, "Goldman Sachs sees hyperscaler capex increasing sharply through 2027 – capex is projected to be $1.15T from 2025 through 2027, more than double the $477B spent from 2022 through 2024."

ICYMI