IN THIS ISSUE

• Macro Strategy — The Message in the Bear Steepening: The recent big fiscal boost is at odds with monetary policy trying to cool an overheated labor market.
  
• Market View — Soft Landings and Hard Data: Many are becoming more comfortable with a potential soft landing in 2024 and also expect short-term rates to peak shortly.
  
• Thought of the Week — There's a Bear Market in New Neighbors: House keys are turning over at the lowest rate in a decade.