The Daily Father — Macro Dogs Barking up the Wrong Tree
What does it take to win “Best in Show”? Earlier this week at the 149th Westminster Dog Show, it was a 5-year-old Giant Schnauzer named Monty who rose above more than 2,500 entrants. According to the Westminster Kennel Club, dogs are not judged against one another, but rather by how closely they conform to the Platonic ideal of their breed. (In other words, Monty won because he was as Schnauzer-y a Schnauzer as he could be, more than the Poodles were Poodle-y, Retrievers were Retriever-y, etc.). If this sounds subjective, the Kennel Club acknowledges that these decisions often come down to a particular judge’s view on a given day. This said, judges have consistently shown an affinity for Terriers, with the Wire Fox variety winning 15 times, far more than any of the other 200+ eligible breeds. Meanwhile, QI’s beloved Basset Hounds and Pembroke Welsh Corgis have inexplicably never been crowned top dog. What gives?
Markets were decidedly more “paw-sitive” after yesterday’s PPI report for January in the aftermath of the CPI, even as both headlines came in hot. The PPI’s +0.4% month-over-month (MoM) increase was a tenth above consensus while December was upwardly revised from +0.2% to +0.5%.