Editor's Note: Below are a couple charts and brief excerpt from today's Early Look written by Hedgeye Macro Analyst Christian Drake. Click here to learn more.
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As it relates to the profit cycle, the two charts below offer a good juxtaposition of underlying developments while visually emergent risk. Specifically, a late-cycle acceleration in wages alongside a progressive slowing in (global and local) growth and a fading fiscal impulse into peak earnings cycle comps, higher interest rates and residual strong dollar translation effects is not margin and profitability positive. |
