We Act in a World of Uncertainty, Not Probabilities

US Business Confidence Soared In April Amid "Panic, Emergency" Buying Ahead Of Price Spike Despite the recent slide in 'hard' macro data, analysts expected an incremental improvement in the preliminary April S&P Global PMI data this morning. Consensus was right as both Services and Manufacturing surveys signaled an uptick in April US business activity growth recovered slightly in April having slowed to near-stagnation in March following the outbreak of war in the Middle East. However, the overall pace of expansion remained subdued, most notably in the services economy where demand faltered. Flash US...