There is a lot of data out this week due to Thanksgiving next week. We get a read on November from the Philly Fed release on Thursday and on Friday we see Michigan Consumer Sentiment and the Flash Market PMIs. That said, housing data will be our focus. We get the NAHB Index and home sales on Monday, housing starts and building permits on Tuesday. It will be interesting to see if the floor in this data set held in the midst of the recent rebound in interest rates. Mortgage rates in the U.S. are closing in on 7% once again, a level not seen since July. Keep an eye on that data.

The Macro Week Ahead

The Macro Specialist Designation (M² SD)

Learn More Here: https://macrospecialistdesignation.com/

The Macro Week In Review

Macro To Micro: Tariff Edition

Stanley Black & Decker (SWK):
“Coming out of the gate, there would be price increases associated with tariffs that are put into the market. And so we've worked through a lot of that ... The second thing is we've built a fairly robust plan of how we would mitigate these tariffs over the next two years by moving production and aspects of the supply chain to different parts of the world. And some of that would be potentially moving things from China to other parts of Asia, maybe to Mexico … unlikely that we're moving a lot back to the US, because it's just not cost effective to do. And there's questions about whether we even have the labor to actually do that in this country.”

 Home Depot (HD):
"I would say, first and foremost, whatever happens in tariffs will be an industry-wide impact. It won't discriminate against different retailers and distributors who are importing goods. The type of product as an industry is generally sourced from the same countries. There has been some diversification of those sources, but clearly, a bit of concentration in Southeast Asia and China in particular. We source well more than half of our goods domestically and in North America, but there certainly will be an impact."

Macro Job Board

VP, Macro Hedge Fund Due-Diligence @ JP Morgan (New York)

Responsible for applying quantitative and qualitative skills, experience, and informed judgment to enhance the performance of client hedge fund portfolios. Will work within the manager research group on all aspects of manager sourcing, due diligence, and analysis of third party relative value and macro hedge funds.

Macro Strategist @ Bloomberg (New York)

You will turn geopolitics, monetary policy, and economics into actionable market insights. The position requires a keen grasp of financial markets and their interconnections, the ability to instantly recognize market-moving news, the analytical skills to identify underlying dynamics, and experience in writing cleanly under pressure.

VP, Macro Research, Cross Asset Strategist @ JP Morgan (New York)

You will focus primarily on developing and presenting a broad strategic and tactical asset allocation across different products/markets and jurisdictions. You will part of a team that has the objective to develop a coherent framework for valuations and positioning across asset classes.

What We Read This Weekend

Investors Are Betting On A Market Melt-Up

Trump's Contempt Is China's Gain In Latin America 

Korean Won May Face More Pressure As Tariff Risk Adds To Jitters

Have feedback? Simply reply to this email to tell us what you like and don’t like about Macro Mondays!