PAST PERFORMANCE

Last week, the Chicago Fed National Activity Index came in soft and the Conference Board’s Consumer Confidence report showed household job market anxieties w/heightened inflation concerns. The Dallas Fed Manufacturing Index and Philadelphia Fed Services Index showed stagflationary tendencies, but capex was up in the Durable Goods report. While inflationary data was a bit shaky, the core PCE market-based index showed a promising disinflationary trend. Overall, mixed, like the economy.