US investment demand
US capital goods (which are goods that make other goods, and as such are investment goods) are just a lovely looking graph right now.
The big tax cut of 2017 went to shareholders, and otherwise utterly failed to drive investment, given that companies are not / were not capital constrained, or finding rate based hurdles impassable.
But nice to see good old fashioned demand doing it now. Firms invest when they think future demand will remain high, which in turn implies that firms must see some of the sectoral reallocation of consumer spend (from services to goods) as permanent.
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