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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: 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.
Macro: NFIB Small Business Trends - It’s All About Expectations And Outlooks
The headline index ticked down .1 to 90.6. This is the 23rd consecutive month of sentiment below the 50-year average of 98.
Macro: CPI - Coming Down Very Slowly
Headline CPI came in at 3.12% in November, which is .11% lower than in October. From September to October the headline dropped .46%.
Macro: Employment
Initial claims were up 1,000 to 220,000 and continue to not be a concern.
Macro: GDPNow - 1.3%
The Nowcast for 4th quarter GDP is up .1% to 1.3% growth with the addition of this week’s data. Auto sales and manufacturing orders were the main reports driving this slight uptick.
Macro: ADP Employment
Private companies added 103,000 workers to payrolls in November. This disappointed as consensus was expecting 123,000 additions.
Macro: Durable Goods
The $16B drop in Durable Goods Orders is from a drop in nondefense aircraft orders.
GDPNow — Down On The Week — As Are Bond Yields
After considering all the data this week, the GDPNow estimate is 1.2% growth. This is down from the initial estimate of 2.3% on Oct 27th and down from 2.1% at the end of last week.
Macro: ISM Mfg PMI
The ISM PMI came in unchanged in November at 46.7, the 13th consecutive month this series has indicated a contraction in manufacturing.
Macro: Incomes And Consumption Expenditures
Meeting expectations of continued strength is actually a relief relative to underlying pessimistic reversion to the mean think which is fraught with time horizon and idiosyncratic fog
Macro: Construction Spending
Construction spending growth accelerates again. 
Macro: Chicago Business Barometer For November 2023
Chi-palm as we used to call in back in the day jumped from a recessionary level of 44 to 55.8. After sitting in recessionary territory for a year, it jumps 12 points
Macro: Unemployment Claims
We are still at historically low levels of both initial and continuing claims. And we are concerned and watching as the trend looks to be on the rise.
Macro: Advanced GDP Numbers
GDPNow and almost all of the data is indicating a slowdown from a strong Q3.
Macro: Money Supply
A real-time case study raises skepticism about a 'soft landing,' anticipating potential bumps ahead
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