Blog: Manufacturing as Canary-in-a-Coal-Mine

Last week I discussed the split between the macro fundamental signals in the Market Uncertainty State Indicator (MUSI) and the market risk sentiment factors. While sentiment has been strongly positive since the US election in November, fundamentals have been week. We discussed the sentiment factors in December, and it seemed a good idea to discuss the macro factors. Last week we focused on interest rate risk which measures the uncertainty of future economic conditions and inflation expectations. This week we'll go into some detail on global business conditions and why they're important.