Data > Drama: A Maturing Uptrend, a Patient Fed, and My Q4 Plan

September 28, 2025 - Update

MACRO

Last week M2 shrank a bit, which I did not like. It’s too early to call a change in trend, but this is what actually happened in August. Let’s see how it goes for September. On the other hand, we have very healthy financial conditions and banks are easing their credit standards.

GDP data for Q2 2025 came in stronger than expected at 3.8% vs. the sam…