Pinebrookcap's Substack

Pinebrookcap's Substack

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Pinebrookcap's Substack
Pinebrookcap's Substack
Weekly Signal & Noise Filter
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Weekly Signal & Noise Filter

David Cervantes's avatar
David Cervantes
Sep 30, 2023
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Pinebrookcap's Substack
Pinebrookcap's Substack
Weekly Signal & Noise Filter
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New Marginal Information

·      Economics:  The inflation story is on life support, if not already dead. 

·      Fixed income:  Real rates are now above the real risk-free neutral rate, which makes them potentially restrictive.

·      Equities:  12-month forward earnings expectations were slightly up.  That is the noise.  The signal is in the clarity of the earnings forecasts for Q3.

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