1/3 🧵BBX Market Watch — May 28 US equities pushed to new highs, even as the macro data stayed uncomfortable. - Dow: 50,668.97, +0.05% - S&P 500: 7,563.63, +0.58%, new ATH - Nasdaq: 26,917.47, +0.91%, new ATH April PCE inflation came in hot: - Headline PCE: +3.8% YoY - Core PCE: +3.3% YoY That keeps pressure on the Fed and makes rate cuts harder to justify. At the same time, growth was revised lower: - Q1 GDP: revised down to 1.6% - Consumer spending: revised down to 1.4% So the market is dealing with a difficult mix: - inflation still too high, - growth losing momentum, - and the Fed still constrained. This was not a “perfect macro” rally. It was a market choosing to look through weak data because other narratives are still strong. #PCE #GDP #SPY #QQQ