Top 10 Macro/Financial Charts of the Week – w8 (2023)

UBS: Earnings downgrades are “following pre-recession path, not soft landing. S&P500 forward EPS has declined by nearly 6% since peaking in July 2022 .. been worse than the earnings cuts in every slowdowns/soft landing at this stage (since late 80s).” pic.twitter.com/zEjlP3IQO5

— Carl Quintanilla (@carlquintanilla) February 23, 2023

🧵It's all about the guidance…

S&P 500 EPS guidance momentum has deteriorated, which doesn't bode well for estimates in coming quarters…. pic.twitter.com/I8AOOpoZkV

— Liz Young (@LizYoungStrat) February 23, 2023

🇺🇸 #SPX | Warnings of a Stock Market Bubble Finally Prove Too Much for S&P 500 – Bloomberghttps://t.co/mzZpJAZrV6 pic.twitter.com/ctR64EZT1F

— Christophe Barraud🛢🐳 (@C_Barraud) February 25, 2023

🇺🇸 #Fed Officials Flag Risk of Sticky #Inflation as PCE Comes in Hot – Bloomberghttps://t.co/uOS0L6Rt7O pic.twitter.com/nqznlmfvsf

— Christophe Barraud🛢🐳 (@C_Barraud) February 25, 2023

🇺🇸 #SPX | Are Fewer S&P 500 Companies Concerned About #Inflation? – Factsethttps://t.co/PjJ9FwfBi5 pic.twitter.com/aGZVsE9uOn

— Christophe Barraud🛢🐳 (@C_Barraud) February 25, 2023

US M1 continues to slump deeper into negative territory y/y pic.twitter.com/SAoIC3xT23

— Markets & Mayhem (@Mayhem4Markets) February 21, 2023

Here's another way to view the rapid shift in rent momentum — measuring month-over-month rent change vs. the long-term average (since 2010) for each month.

Summary:
2021: Boom
1H 2022: Things are changing
2H 2022 – Early 2023: Cooldown pic.twitter.com/CseLV79Cyv

— Jay Parsons (@jayparsons) February 23, 2023

🇺🇸 #Housing | US Home-Purchase Applications Drop to 28-Year Low as Rates Jump – Bloomberghttps://t.co/jOsBQqxmrl pic.twitter.com/u6r5tVGkRx

— Christophe Barraud🛢🐳 (@C_Barraud) February 22, 2023

🇺🇸 US #Housing Market Posts $2.3 Trillion Drop, Biggest Since 2008 – Bloomberghttps://t.co/s1rxtQIEeA pic.twitter.com/Jd2K6cQiuo

— Christophe Barraud🛢🐳 (@C_Barraud) February 23, 2023

🇨🇳 #China Leaders Pledge Stronger Growth as Recovery Takes Hold – Bloomberghttps://t.co/n1E2ER2O97 pic.twitter.com/vEcGbXspqF

— Christophe Barraud🛢🐳 (@C_Barraud) February 21, 2023