A Few of Our Favorite Things - 2025-09-24

Despite illusory weakness in the labor market, our favorite mid-frequency data remains amazingly optimistic. A new recovery high for capex. A blowout in new homes sales. And our Google Trends indicator has as amazing story to tell -- based on the number of searches, Charlie Kirk is more famous and fascinating than even Trump was in 2016 at the time of his surprise first election. As to Trump himself right now, he's fallen below Taylor Swift.