The Conference Board's Leading Economic Indicators (LEI) suffered a significantly worse than expected drop in November, tumbling 1.0% MoM (vs -0.5% exp).
Despite this morning's GDP beat, the LEI is showing no signs at all of 'recovering'...
And on a year-over-year basis, the LEI is down 4.42% - its biggest YoY drop since 2008 (Lehman) outside of the COVID lockdown-enforced collapse...
Judging by this, the tightening policies of The Fed are having a 'lagged' effect.
