Positioning Takes a Tiny Hit, Mixed Shifts in Key Consensus Macro Assumptions

The big things you need to know: Three big things you need to know: First, positioning in US equity futures per the weekly CFTC data has taken a tiny hit. Second, consensus US GDP forecasts have moved up, along with consensus Fed Funds and 10-year yield forecasts. Third, other things that jump out on our high frequency indicators include the continued decline in bottom-up consensus 2025 S&P 500 operating margin forecasts, geographical equity fund flow dynamics, and recent sharp inflows into momentum equity funds.