The distance between the S&P and high yield suggests the stock market starts the breakdown today $GS Monthly #Update — HiddenPivots (@HiddenPivots) January 16, 2019 The credit cycle looks something like this. We’ve basically been stuck in Phase 3 since 2015, though … Read more

Housing starts

by WARREN MOSLER Not good: Highlights Yesterday’s housing market index may have unexpectedly plummeted but today’s housing starts and permits report, though soft, at least is in the ballpark of expectations. … Read more