The Weekly Data Wrap, from: 
The Distilled Perspective 
By Patrick T Bulger
Tariff Me This, Tariff Me That…

The quick read…Let’s dive right in:

Fed Minutes use the word recession.
Job Revisions point to losses that started in Q2 of 2024...
Thank you to @Danielle DiMartino Booth

University of Michigan Consumer Sentiment 52.2, 
One of the Lowest Readings since 1980.

Chicago PMI May 40.5, 

Durable Goods Orders came in -6.3 from a previous month reading of +7.6

The 2 year note auction was up 16 basis points

Richmond Fed Manufacturing Survey came in at -9 for May
Services were at -11

Japan Leading index came in negative.

This is all before considering:
Russia/Ukraine not so cease fire, China talks appearing as escalating, Bessent & Musk abandon spending cut hopes, Debt downgrade, Weak Debt Auctions.

These are not encouraging numbers,
We remain defensive with potential for volatility.