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The industrial real estate market in the US is experiencing a period of remarkable growth. Clarion Partners’ latest research report examines the strong performance of the sector, which is driven by e-commerce companies, strategic inventory stockpiling and the development of specialized subtypes such as industrial outdoor storage (IOS). Discover top insights on why US industrial real estate continues to outperform.

Today's Animal Spirits is brought to you by Innovator ETFs and the CME Group:

See here for more information on Innovator ETFs suite of risk-managed ETFs and here for more information on CME Group's valuable educational materials and trading tools

The Compound Podcasts:

On today’s show, we discuss:

• Future Proof 2024

• Yardeni Says Fed Cut Raises Odds of 'Outright Melt-Up' in Stocks

• JPM Guide to ETFs

• What's Left to Be ETF'd?

• Are you in the American middle class? Find out with our income calculator

• The State of the American Middle Class

• The Death of the Minivan

• US Online Grocery Prices Plunge the Most on Record in August

• We Get Either 4% Mortgage Rates or a Stable Job Market

• Housing Demographics with John Burns' Eric Finnigan

• Baby Boomer Housing Market 2024: More Than Half of Older Owners Never Plan to Sell

• Trump wants to cap credit card interest rates at 10% — critics warn that it could cause people to lose their cards

• Reversing the Real-Estate Doom Loop Is Possible. Just Look at Detroit.

• With Bluesky, the social media echo chamber is back in vogue

Charts:

Tweets:

Today is set to be the biggest gap higher for the S&P 500 ETF $SPY (+1.6%) after a scheduled Fed Day since 10/30/08 (+2.9%) after Bernanke cut by 50 bps in the midst of the Financial Crisis.

— Bespoke (@bespokeinvest)
12:45 PM • Sep 19, 2024

Kids born on this date are now old enough to drive.

@MikeZaccardi $LEH $MER $AIG

— Carl Quintanilla (@carlquintanilla)
12:59 PM • Sep 15, 2024

IMHO investors would rather access illiquid assets like private eq/credit in ETFs and deal with discounts and premiums (even steep ones) than in an interval/closed end/mutual fund.. one eg $HYD which traded at 29% discount in 2020, since then it’s remained very popular, even… x.com/i/web/status/1…

— Eric Balchunas (@EricBalchunas)
1:55 PM • Sep 18, 2024

1/ Some things are different, some things are different.

The job market for people in their early 20s is behaving like a pretty standard recessionary cycle (albeit early in that cycle).

Employment is falling.  Unemployment is rising.

— Guy Berger (@EconBerger)
3:05 PM • Sep 12, 2024

Gen Z just overtook Baby Boomers

U.S. full-time workforce, by generation 

Millennials: 49.5m
Gen X: 42.8m

Baby boomers: 17.3m
Gen Z: 17.1m

— Lance Lambert (@NewsLambert)
12:46 AM • Sep 23, 2024

Powell says lower rates will bring sellers and buyers back to the housing market.

In fact, more locked-in homeowners and renters are itching to move soon.

If we get 100+ bps of cuts by next March, spring 2025 could see a big spike in both listings and sales.

— Eric Finnigan (@EricFinnigan)
7:35 PM • Sep 18, 2024

from JPM: “Median balances in June 2024 were 15% higher than they had been in June 2019 for low-income households, and 5% higher for high-income households

{{Note this is percent change (relative to 2019) in median monthly ***real*** cash balances, by income quartile}}

— talmon joseph smith (@talmonsmith)
8:49 PM • Sep 19, 2024

BREAKING: X is about to remove the current block button, meaning that if an account is public, their posts will be visible to the blocked users as well!

— Nima Owji (@nima_owji)
6:03 PM • Sep 23, 2024

Recommendations:

• Oceans Eleven

• Italian Job 

• Civil War 

• The Last Stop in Yuma County

• Transformers One

• Wise Guy: David Chase and the Sopranos

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