- Some evidence of improvement on the demand side but it's preliminary
- Supply side improvements have not come in as fast as expected
- There's no evidence of dysfuction in the bond market
- Doesn't believe a US recession is a foregone conclusion
- Household balances "seem to be leveling off" and will be watching for a decline as a sign demand will cool
- Feels US has 'considerable momentum' and is less susceptible to contagion
- Rents leveling off would be a 'really positive development'
On the other side of this, comments from Druckenmiller are crossing now and he says his baseline is a hard landing next year.
