Macro Briefing: 17 May 2024

* China announces plan to shore up its beleaguered property market
* US import prices rise in April by the most in two years
* US industrial output was flat in April after two monthly gains
* US housing starts rebounded in April but permits fall
* US jobless pull back after previous week’s spike:

Rallies in multiple asset classes provide tailwind for investors this year. “The S&P 500 is now up nearly 50% from the bear market low in October 2022, so naturally, almost everybody is bullish,” says economist Ed Yardeni.