U.S. Publications
Below is a list of our U.S. 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.
summer
- Businesses’ capex plans appear to be starting to rebound, but how much damage has been done?
- Cheaper gas likely is cheering consumers, and reducing their inflation expectations.
- New home sales probably fell again in August, and prices probably are falling, given very high inventory.
Ian Shepherdson (Chief Economist and Founder)U.S.
- Even if margin re-compression crushes inflation over the next year, wages pose a medium-term threat...
- ...That’s why the Fed is so determined to drive a weakening in the labor market.
- But policymakers’s fears of sustained wage-driven inflation likely overstate the danger.
Ian Shepherdson (Chief Economist and Founder)U.S.
- Aggressive rate hikes will continue until inflation improves; 75bp in November, but 25bp in December?
- Fed opinion is split, even in the near-term, and the inflation data over the next few months will be better.
- The Homebase data suggest a preliminary 325K forecast for September payrolls.
Ian Shepherdson (Chief Economist and Founder)U.S.
- Core retail sales growth slowed over the summer, lagging the surge in gas prices; expect a Q4 rebound.
- Regional Fed surveys signal plunging margin inflation, though they disagree on growth.
- Consumers’ sentiment likely rebounded strongly this month; people like falling gas prices.
Ian Shepherdson (Chief Economist and Founder)U.S.
- Our 2023 base case is that inflation will surprise to the downside, but growth will surprise to the upside…
- …Under those conditions, the Fed will not be easing next year; continued gradual hikes are more likely.
- Rising r-star in the face of sustained economic growth is nothing for real assets to fear
Ian Shepherdson (Chief Economist and Founder)U.S.
- The Fed finally has started to talk about the impact of margins on inflation, after months of baffling silence.
- Vice-Chair Brainard says wider margins drove up inflation; a reversal could drive it back down.
- Jobless claims hit a three-month low; the feared summer surge in layoffs did not happen.
Ian Shepherdson (Chief Economist and Founder)U.S.
- Consumers’ discretionary spending is reviving in the wake of the plunge in gas prices.
- The ISM and PMI services indexes are headed in opposite directions; one of them is wrong.
- The July trade data will confirm that the deficit is falling fast; trade will be a big plus for Q3 GDP growth.
Ian Shepherdson (Chief Economist and Founder)U.S.
- Job growth likely is slowing, but it is still too strong for the Fed, and wage gains are too fast too...
- Participation appears still to be rising, but it’s not yet high enough to cap wage growth.
- The services PMI points to downside risk for ISM services; housing is hurting both surveys.
Ian Shepherdson (Chief Economist and Founder)U.S.
- The Homebase data point to another solid payroll gain, but the August seasonal is a wild card.
- Wage growth appears to be picking up slightly, but we need more data to be sure.
- The ISM has stabilized, and the supply-chain measures point to much lower inflation.
Ian Shepherdson (Chief Economist and Founder)U.S.
