US Publications
Below is a list of our US Publications for the last 6 months. If you are looking for reports older than 6 months please email info@pantheonmacro.com, or contact your account rep
Please use the filters on the right to search for a specific date or topic.
Chartbook Weekly Monitor
- The closer we look at last week’s data, the less useful it appears to be as a guide to the future.
- The inflation picture is much better than the PPI and CPI data suggest; the Fed can relax...
- ...And the severe weather likely hurt retail sales, manufacturing output and housing starts, temporarily.
Ian Shepherdson (Chief Economist, Chairman and Founder)US
- The CBO projects a substantial drop in the federal budget deficit this year; a headwind to growth.
- With households likely to slow the rundown of their pandemic savings too, weaker growth is a good bet.
- The annual CPI revisions were modest, and leave the clear downward trend in place.
Ian Shepherdson (Chief Economist, Chairman and Founder)US
- Whatever really happened to payrolls in January, leading indicators point to much slower gains in Q2.
- The spike in hourly earnings likely reflects the mis-measurement of hours, not a rebound in the trend.
- The January data have killed any chance of a March Fed easing, but we still expect the first cut in May.
Ian Shepherdson (Chief Economist, Chairman and Founder)US
- Consumption is on track for another solid increase in Q1, but cashflow growth is slowing…
- Spending growth likely will moderate in the spring, but a serious weakening requires rising layoffs.
- Core inflation is slowing on all fronts; faster margin compression would intensify the downward pressure.
Ian Shepherdson (Chief Economist, Chairman and Founder)US
- RESISTANCE IS CRUMBLING...
...THE FED WILL START EASING IN MARCH OR MAY
Ian Shepherdson (Chief Economist, Chairman and Founder)US
- The Fed is understandably cautious after the “transitory” mess, but its rate forecasts are too cautious.
- We expect the FOMC gradually to lower both its inflation and rate forecasts, starting in March.
- Soaring consumer sentiment, thanks to cheaper gas and rising stocks, signals continued solid spending.
Ian Shepherdson (Chief Economist, Chairman and Founder)US
- The labor market is weaker than the headline December jobs numbers, but it’s hardly terrible.
- Either way, the Fed’s policy decisions will be driven more by the inflation numbers than the jobs data.
- The soft December ISM services survey is not definitive, but a repeat in January would get our attention.
Ian Shepherdson (Chief Economist, Chairman and Founder)US
- The November PCE report highlights the significant downside risk to the Fed’s inflation forecast.
- The Fed eventually will have little choice to ease by more than their current forecast of 75bp this year.
- Housing and manufacturing activity are near a floor, but any recovery will be slow going.
Ian Shepherdson (Chief Economist, Chairman and Founder)US
WHEN DO THEY START, AND HOW FAST DO THEY GO?
- ...INFLATION IS BEATEN; RATES ARE A ONE-WAY RIDE
Ian Shepherdson (Chief Economist, Chairman and Founder)US
- The Fed’s forecasts imply remarkable stability in GDP growth and unemployment for the next three years…
- …They are likely to be wrong, and the risks to their numbers for next year are mostly to the downside.
- Homebuilders’ sentiment likely is rebounding as mortgage rates drop, with more to come.
Ian Shepherdson (Chief Economist, Chairman and Founder)US
