Hi Raoul, great piece as always! Would you be able to shed some light on how the GMI Financial Condition Index is constructed? What are the components inside the index?

Concise yet full of knowledge & very clear. I appreciate this one alot. Thanks Raoul.

Raoul - brilliant piece as always! It would be great to see optimum investment timing overlaid on your visualisation matrix.

Absolutely Fascinating. Raoul - is there anyway of roughly predicting prices of certain indices based on this data?

These charts are compelling. Still, so hard to pull the trigger on NASDAQ at current prices. I feel like those who didn't do it 4-6 mo ago missed the boat.

Thanks Raoul, thats a wonderful piece. I'd certainly like to understand why the Chinese business cycle leads by so much, and whether the the rollover of this indicator in 9 months time around Feb 2024, as shown in. the chart, is suggesting a shorter cycle than usual (or am I putting too much emphasis on this one indicator perhaps) It just looks like a sharp turnaround in the China Credit Impulse when compared to the previous cycles. Cheers.

Short but to the point well done. Raoul, one push back and I could be wrong but Im curious as to how your frame work changes if incorrect on the fed pivoting. What if your whole macro forecast is correct, but inflation stays stickier than expected say 3-4% by year end? Would your guess be that the fed stays tight for far to long and then runs the risk of creating more damage to the economy than necessary. FWIW I agree with everything in your report but my CPI has a floor between 3-4%. I could be wrong but just curious to how this would change things in your outlook.

Lovely jubbly

Thanks Raoul, extremely useful

Thanks Raoul. Where do you think i) the exponential age stocks and ii) cryptos sit vs ISM? Same as SPY or further out?

Thank you fir the extremely insightful report, Raoul. This is very educational.

this is excellent