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Looking for deeper insight into markets? In tonight’s Closer sent to Bespoke Institutional clients, we start with a rundown of bad economic data’s implications for the Fed and some of tonight’s earnings reports (page 1). We then dive into the collapse in existing home sales (page 2) and the brutal changes to housing affordability (page 3). Elsewhere in economic data, we dive into the how leading and coincident indicators are rolling over and what that means as a recessionary signal (page 4). After an update of our Five Fed Manufacturing Composite (page 5), we close with a look at today’s tailing 10 year TIPS auction (page 6).

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