Surprise! (i’m sorry)

Screen Shot 2015-06-15 at 10.57.37 AM

Two ways to look at the above chart via HSBC Global Research.

First, you can say “Uh oh, all the surprises in US economic data are rolling over and coming in negative!”

Or, you could say, “Expectations were too high, and now they’re troughing just where they did in years past, setting us up for upside surprises in the second half of 2015.”

Choose your own adventure, I suppose.

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