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**Sentiment Destruction, Not Demand Destruction** > Apollo: Daily data are starting to show a significant deterioration in inflation expectations and consumer sentiment across the income distribution... > **But there is a difference between what consumers are saying and what they are doing.** The third, fourth and fifth charts show that weekly data on consumer spending remain strong, daily data on airline travel…
Apollo: For every five dollars the government receives in tax revenue, one dollar is spent on servicing the national debt, see chart.
Sentiment Destruction, Not Demand Destruction
Apollo: Daily data are starting to show a significant deterioration in inflation expectations and consumer sentiment across the income distribution...
But there is a difference between what consumers are saying and what they are doing. The third, fourth and fifth charts show that weekly data on consumer spending remain strong, daily data on airline travel…
Apollo: For every five dollars the government receives in tax revenue, one dollar is spent on servicing the national debt, see chart.
"Beneath the surface, the sector moves have been brutal. We're seeing sharp rotations as investors rapidly have to reprice global risk." - Alex Olman [00:00:51]
"I can sell as much Nvidia as I want and I can buy very, very little of a lot of overseas companies. That liquidity mismatch works in both directions." - Alex Olman…
- McKinsey: Reliable and affordable energy has been an enduring source of strategic advantage for the United States (Image). Access to plentiful energy has lowered input costs for businesses, improving productivity, enabling scale, and improving household well-being. - At independence, Americans consumed twice as much energy per person as Britons, given abundant firewood. As discussed, ready access to coal…
Structural shifts, including the movement from a manufacturing-based to a services-based economy, have also led to a growing geographic dispersion of productivity levels, seen strikinglyacross major US cities (Exhibit 8).
Over the past several decades, some have seen relatively modest productivity growth, including those in the historical Rust Belt. On the other end of the spectrum, cities with deep knowledge…
The Productivity–Pay Gap #EPI
Strong Net Foreign Buying of US Assets, see chart. Note: Data is a 12-month rolling sum. | The Daily Spark
US Equities – Long-term historical returns and volatilities | The Long-term Strategist Report (20 Feb 2026) | J.P Morgan
A long history of US Recessions #GoldmanSachs
Bloomberg: Overseas investors bought a net US$1.55 trillion of long-term US financial assets in 2025, data released by the Treasury Department on Feb 18 showed. That compares with net purchases of US$1.18 trillion in 2024.
Of the total, US$658.5 billion went into equities and US$442.7 billion to Treasury notes and bonds.
The US dollar’s depreciation in 2025 might have even encouraged some…
US Annual GDP Growth Rate under different Presidents
FICC Macro Strategy | Contributions to GDP Growth #USA #GDP
Perspectives? | FT - Whose fault is fiscal dominance? Monetisation and its discontents by Robert Armstrong | Src : 🔗Albert Edwards
Ups and Downs | #US #Tariffs
Corporate bond spreads hit lowest since 2007 - 103bp | Priced for Perfection?
Stagflation in 2025. Overheating in 2026 | The Daily Spark | January 14, 2026
:D
Who to blame? :/
In this podcast, economist Ed Yardeni provides an optimistic outlook for the financial markets heading into 2026, framing the current decade as the "Roaring 2020s." He discusses the resilience of the S&P 500, the shifting landscape of AI competition, and a bold long-term forecast for gold.
Market Performance and the "Santa Claus Rally"
