Canned chicken is a thing?!?

The Blind Squirrel's Monday Morning Notes, June 5th 2023.

Summary

• We continue to be torn on the recession debate (timing versus magnitude etc). Don’t worry, this 🐿️ is not going to add to the self-serving / disingenuous / economically-illiterate macro takes emanating from Palo Alto last week.

• CostCo’s latest ‘canned chicken’ earnings report induced a spontaneous gag reflex in the 🐿️. Joking aside, credible evidence of a significant economic softness and weakening labor market continues to stack up.

• But how are payrolls numbers still so firm and are higher rates actually supporting the real economy?

• To my second gag reflex inducing moment of the week - the 🐿️ is starting to get QQQ-urious. Don’t worry, it shall pass.

• Acorn updates this week focus on grains (naturally!) and uranium.

Canned chicken is a thing?!?

We continue to be torn on the recession debate (timing versus magnitude etc). Don’t worry, this 🐿️ is not going to add to the self-serving / disingenuous / economically-illiterate macro takes emanating from Palo Alto last week. That…