Macro Briefing: 31 May 2023

* House set to vote on debt-ceiling deal after it clears key committee
* China’s manufacturing sector contracts for second month in May via survey data
* Index funds have become tech-heavy growth funds
* Texas, a leader in wind energy, is turning against its green-energy industry
* Orders continue to slide for Texas manufacturing sector in May
* US home prices rise in March after falling for seven months
* US consumer confidence eases to 6-month low in May:

Lending conditions have tightened in the US recently, the most since the Covid pandemic was raging, reports The Wall Street Journal. The tighter lending climate is a strengthening headwind for the economy. “Recessions over the past 30 years have closely tracked the willingness of banks to lend out the cash they collect from depositors,” the Journal notes.

2 thoughts on “Macro Briefing: 31 May 2023

  1. DanM

    The Morningstar article linked as ” Index funds have become tech-heavy growth funds” indicates otherwise; although the S&P 500 index is top-heavy with tech stocks, they don’t dominate the index. A nice analysis that runs counter to prevailing opinion.

  2. James Picerno Post author

    Yes, that’s the conclusion of the article, based on correlations, but I think there’s a strong case to disgree by looking at the issue from a different perspective, thus my news line.

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