Today’s data includes the FHFA home price index at 9 a.m. ET along with the Case-Shiller report. Then at 10 a.m. ET, the main events of the day are the Richmond Fed and consumer confidence.

Looking at the big picture, this summer’s climate data is increasingly worrying, with July on track to be the warmest month on record and Antarctic sea ice not recovering as usual in winter. Hurricane season is approaching and warmer ocean surface temperatures are making hurricanes stronger. Insurance companies are leaving Florida and it’s largely due to claims fraud, but unless there are big storms, there are no claims.

I’m sure humanity can cope with a 1.5C rise in temperature (though it will be brutal in India), but I’m afraid we’ll get some kind of warming rather than a gradual rise. The fiscal response to something like this would exceed coronavirus spending and bring down the bond bubble.

Fear and panic are cheap currency on the internet, so viral charts like this one can’t really be trusted, but don’t discount the risks. Unfortunately, many of the best deals in the coming decades will be climate-related, whether it’s a smart green transition that includes nuclear power and electrification or a mess, you’ll need a playbook.