“I think I can. I think I can. I think I can. I know I can.”
– The Little Engine That Could, by Watty Piper
The Through Line: For months, the disconnect between sturdy economic data and steadily weakening sentiment readings has perplexed those trying to decode the market’s long-term path. Which set of information would give way first – and in what direction would the resolution send capital markets? We suspect we got a sneak peak this week when one measure of U.S. consumer sentiment came in well above expectations. While attitudes and behavior can diverge at times, it is vital to understand and monitor consumer behavior given its outsized impact on the North American economy.
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