It's difficult for the LEI to go up when the Fed is raising rates.
I, along with many others, have been very surprised that the bond markets didn't collapse their bubbles. I guess the gradual and consistent reaction of the fed has helped avoid any sudden over-reaction, so far.
"It's difficult for the LEI to go up when the Fed is raising rates."
Add to that the prices of gasoline the previous 5 months before the election. That is like a tax increase and add that to the interest rate increases you highlighted, it would be doubly difficult for the LEI to increase.
However, in the wine counties of Northern California regular gas prices dropped to $1.85 per gallon for the so called generic. This morning many of the higher price brands were selling their regular for $1.95 or a little lower.
That is not really normal for gas prices to drop the week before Christmas with all of the Christmas driving we do.