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Our namesake is the Alhambra, a fortress in southern Spain dating back to 889. For more than a thousand years, people of different backgrounds found refuge behind her venerable walls. Today, the Alhambra remains as strong as ever, an enduring symbol of wealth, prosperity, and security. Like ...more

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Macro: Major Reports Holiday Week
The annual price change for houses from Oct 2022 to Oct 2023 is 4.8%. Though the monthly price increases are slowing, the annual inflation rate will continue to rise because of the disinflation at the end of 2022.
Macro - Construction Spending
​​​​​​​Residential construction continues to strengthen as non-residential construction may have peaked.
Macro - Durable Goods
The headline number will be choppy for a few months because of dynamics from the end of 2022 and the beginning of 2023.
Macro: The Index Of Consumer Sentiment
The index, despite a 14% jump this month, remains weak relative to the last decade, although it has been in an uptrend for the last 18 months.
Macro: GDP Q3 — Inflationary BOOM
Outside of the pandemic defined as 2020 and 2021, this past quarter was the 5th best quarter for nominal GDP in the last 25 years.
Macro: Philly Fed Mfg Survey — Umm
The diffusion index for new orders has never gone below 21 without an accompanying recession; that is until 2023. This is the 4th reading in the last 13 months below 21.
Macro: Unemployment Claims — Same As It Ever Was
​​​​​​​Initial unemployment claims is up 2000 to 205,000. It remains at very low levels indicating continued employment strength.
Macro: Existing Home Sales — 4% YoY Median Price Inflation And Rising For Now
Existing home sales rose in November to an annual rate of 3,820,000 units from 3,790,000 in October. This is 7% lower than November 2022, but the negative growth in sales is improving.
Macro: Housing Starts — High Construction Activity Continues
Housing starts jumped by 201,000 in November.
Macro: Industrial Production – Flat-Lined
The YoY growth number is still negative but a bit better in Nov at -.4%. Dec 2022 was bad.
Macro: Retail Sales — Nice Rebound
This was a really good number. It was partially a rebound from October. Non-store retailers were a big area of strength. I do think some holiday sales were pulled forward
Macro: NY Fed Regional Surveys
The Empire State Manufacturing Survey showed declining activity in December after a positive November. It is also still showing declining future orders.
Macro: Initial Claims — Strong Employment Translating To Consumption
Strong employment translating to consumption continues to be the biggest positive contributor to GDP in Q4.
Year-End Financial Checklist
It’s been a tough year, and you may be throwing your unopened statements in a drawer hoping things will be better later on. Here at the end of the year, pull your head out of the sand. This is the time to plan for that improvement.
Macro: PPI - PPI And Powell Fuel Rally
We continue to see inflation coming down and energy costs leading the charge lower.
Macro: Treasury Statement
Last month the Federal Government spent $589B and ran a $314B deficit. To pay for the $314B they didn’t have, they said they borrowed $261B from the public and drained their savings account by $73B.
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