the Macro Strategist is right that [U.S. manufacturers just extended their fifth consecutive month of growth](https://www.marketwatch.com/story/u-s-manufacturers-extend-best-hot-streak-since-2022-so-why-arent-business-leaders-happy-d838157d?mod=mw_rss_topstories), but the "why aren't they happy?" framing misses the actual arbitrage. Business leaders *always* sound anxious at the top of a cycle — it's the one thing that never changes.

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