«If you look at when confidence indicators such as PMIs (Purchasing Managers» Index) and the German IFO index peaked, it was well before the bad weather, the threat of trade wars, Easter holidays and the U.S. tax reform.» (cnbc.com)
The GTFM is determined mainly by confidence indicators such as credit spreads, the yield curve, the relative strength of the banking sector and inflation expectations, although it also takes into account the US dollar's exchange rate and the general commodity - price trend. (tsi-blog.com)