Archive - Macro4Micro

Market Commentary: Asset Returns 4-19-26

We look at a wildly favorable event-driven swing this past week that could run into trouble this week as events continue to unfold or unravel.

Apr 20 • Glenn Reynolds, CFA

Industrial Production March 2026: Mixed Picture, Big Questions Ahead

The Industrial Production and Capacity Utilization numbers show a light fade but are steady overall across 1Q26.

Apr 16 • Glenn Reynolds, CFA and Kevin Chun, CFA

Existing Home Sales March 2026: New Beginnings or New Ends?

Existing Home Sales stayed in the low end of the cyclical range at below the COVID lows and under 4M.

Apr 15 • Glenn Reynolds, CFA

Producer Price Index March 2026: Heater or Curve Ball?

Energy and Goods both showed material PPI increases as we wade into blockade uncertainty and more tariff pricing decisions.

Apr 14 • Glenn Reynolds, CFA

Market Commentary: Asset Returns 4-12-26

The word “volatility” in US-Iran risk seems more like “binary risk” lately as Islamabad failed and a US naval blockade is threatened.

Apr 12 • Glenn Reynolds, CFA

CPI March 2026: The CPI Cycle Could Prove Maddening

Moderating MoM metrics do not reduce the rising 2026 price and cost uncertainty as Iran effects and tariff pricing strategies unfold.

Apr 11 • Glenn Reynolds, CFA

4Q25 GDP: More Adverse Revisions in the Golden Year

The final numbers deliver a +0.5% 4Q25 GDP, capping off a weak “Trump golden year” annual GDP of +2.1%, down from Biden’s +2.8% in 2024.

Apr 9 • Glenn Reynolds, CFA

The US as an Aspiring Emerging Market: Fiscal SNAFU, Political FUBAR

The latest attempt to use Executive Orders as Trump’s personal constitutional amendments is a dangerous trend.

Apr 6 • Glenn Reynolds, CFA

Employment Situation March 2026

March payroll adds exceeded the post-Jan 2009 monthly median for the first time since Dec 2024.

Apr 4 • Glenn Reynolds, CFA

Payroll Focus: ADP Highlights March 2026

The ADP numbers has become more important lately with its private sector focus and useful breakouts for small businesses.

Apr 1 • Glenn Reynolds, CFA

March 2026

JOLTS Feb 2026: Openings Down, Hires Down, Layoffs Up

We await more current March payroll info this week, but Feb JOLTS offers little room for optimism with declines.

Mar 31 • Glenn Reynolds, CFA

Market Commentary: Asset Returns 3-30-26

With another escalation countdown underway, the stakes get higher, the performance worse, and credibility strained.

Mar 30 • Glenn Reynolds, CFA

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