I Was Wrong: The Broadening Has Barely Begun

TL;DR

I Was Kicked Out of China Two big reports landed in the same week of late June, and I think they matter far more when read together than apart. The Bureau of Economic Analysis published its May income and spending data - Despite nine Fed officials penciling in a hike this year, I still believe the Fed may hold rates. - That said, the May PCE showed no demand destruction, which, as I argue in this piece, is bad for risk equities.