Tom Essaye interviewed by Barron’s

 Durable-goods number showed stable growth: Tom Essaye Interviewed by Barron’s

Market’s Spirit Isn’t Dampened by Mixed Economic Data

In an interview with Barron’s, Tom Essaye of Sevens Report Research said the durable-goods number showed stable growth while the consumer confidence reading was light.

“Every time the market is reminded that we’ve got stable growth, still falling inflation, a looming rate cut —which was reinforced last week—and positive AI headlines, the default reaction is to rally. And rightly so. And that’s exactly what’s happening today,” he said.

Essaye also called the collapse of Baltimore’s Francis Scott Key Bridge a “tremendous tragedy”and thinks the disaster could trickle into economic reports at a time when the Federal Reserve is watching all numbers closely.

“This is going to cloud some of the economic data, potentially, which has some risk associated with it because the data is really important right now,” Essaye said. “It will probably send some noisiness into the data. We’re just going to have to look through that as best we can over the next couple of months. That’s something to pay attention to.”

Also, click here to view the full Barron’s article published on March 26th, 2024. However, to see the Sevens Report’s full comments on the current market environment sign up here.

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