US data-center construction spending rose 73% in a year to an $85 billion annual rate, Census Bureau figures for August show. Factory construction still runs at nearly twice that rate, and builders are paying about a tenth more for materials and services than a year ago.
Reality
- Evidence78
- Adoption72
- Hype gap+10
- Incentives20
- Confidence76
Housing stocks fell five times as far as financials on a one-tenth-point PPI surprise
August wholesale prices ran 5.4% against a 5.3% forecast and the ten-year yield added 10.7 basis points. Housing and the private-market managers absorbed most of Thursday's selling while the banks barely moved.
Reality
- Evidence48
- Adoption
- Not scored
- Hype gap+15
- Incentives58
- Confidence52
Traders put 70% odds on a Fed hike after an in-line August PPI print
Brent rose 6% to $107 with routes through Hormuz and the Red Sea disrupted, and the 30-year Treasury yield reached its highest in more than 19 years. Traders now put the odds of a hike on Wednesday at 70%.
Reality
- Evidence62
- Adoption58
- Hype gap+10
- Incentives35
- Confidence58
Processed intermediate goods rose 11.5 percent over 12 months while the prices firms finally charge rose 5.4 percent. Diesel accounts for most of August's monthly move, and the measure that excludes distributor margins accounts for the rest.
Reality
- Evidence88
- Adoption
- Not scored
- Hype gap+18
- Incentives40
- Confidence74
Three regional Fed presidents voted to hike against a quarter annualizing at 0.49%
The 3.4% headline that drew three dissents for immediate hikes is carried by nine older months running near 4.4% annualized. Clearing those months out of the window takes nine more monthly prints.
Reality
- Evidence38
- Adoption45
- Hype gap+20
- Incentives55
- Confidence45
Gold near $4,379 is a bet on Fed paralysis, not an inflation scare
Headline CPI eased a tenth to 3.4% and core held at 2.5%. Neither number pays for a nine-percent monthly rally; the consensus that the Fed does nothing does.
Reality
- Evidence24
- Adoption
- Not scored
- Hype gap+22
- Incentives62
- Confidence30