“I am starting to have conversations regarding FOMU, fear of materially underperforming, this week heading into a positive trading window for the ‘US 60/40 portfolio.’”

 “As a reminder, households own 39% of the $78 trillion US equity market in cash equities and 65% inclusive of mutual funds and ETF’s. I would generally be running a lower short portfolio in this tape.”

 “The biggest equity owner, US civilian households, just chalked up a win vs. the bears. Watch inflows into SPY and QQQ next week.”

 “Consumer sentiment retreated about 13% this May following three consecutive months of very little change. This 10 index-point decline is statistically significant and brings sentiment to its lowest reading in about six months.”

 “Consumers in western states exhibited a particularly steep drop. While consumers had been reserving judgment for the past few months, they now perceive negative developments on a number of dimensions.”

 “Year-ahead inflation expectations rose from 3.2% last month to 3.5% this month, remaining above the 2.3-3.0% range seen in the two years prior to the pandemic.”

 “Time will tell whether it’s a one-off or part of a genuine cooldown in the labor market. Investors may have adjusted to the idea of the Fed waiting until September to cut interest rates, but that doesn’t mean they’re comfortable waiting indefinitely.”

 “Another 10% gain in the S&P 500 isn’t out of the question, at least statistically.”

 “We see a deceleration of growth... Central banks will be slow on the cutting of rates because they don't want to see a rise of inflation. The Fed will be patient; they’ll have the opportunity to cut once this year.”