The #World #economy isnt flat …its dropping! Latest daily economic surprise indicators by region: pic.twitter.com/PjlCAOurSn
— CrossBorder Capital (@crossbordercap) July 30, 2021
Closer than we think! #World #economy then and now: pic.twitter.com/AzBAr2zt2P
— CrossBorder Capital (@crossbordercap) July 30, 2021
Caixin #China General Manufacturing PMI indicated operating conditions improved only slightly in July with the #PMI at 50.3 (Jun: 51.3). Inflationary pressures eased while output growth slowed amid a slight drop in new orders. Read more: https://t.co/I9Z2jBsFLy pic.twitter.com/UgWGToYcDZ
— IHS Markit PMI™ (@IHSMarkitPMI) August 2, 2021
#ASEAN manufacturing sector dipped further into downturn amid rising #COVID19 cases. #PMI eased to a 13-month low at 44.6 (Jun: 49.0). Read more: https://t.co/MKrtUthCWx pic.twitter.com/C9k5TYZJ4l
— IHS Markit PMI™ (@IHSMarkitPMI) August 2, 2021
Clearly, when rates get to Zero, #Stonks are worth Infinity…#MathIsHard https://t.co/V0OEVzEGFu
— Mark W. Yusko #TwoPointOneQuadrillion (@MarkYusko) August 2, 2021
'For the first time in more than five years, the U.S. Treasury will be scaling back its mammoth quarterly sales of notes and bonds, in a shift so large it’s likely to more than counter the Federal Reserve’s looming reduction in purchases.' https://t.co/LAVBtYzQSF pic.twitter.com/5kwmaxNYJa
— Jesse Felder (@jessefelder) August 2, 2021
“It’s Probably Time To Sell!” – Guggenheim’s Minerd Warns Of Delta’s Looming Threat To Risk Assets
All in all, as far as markets and the economy are concerned, “Things couldn’t be better.” If that’s the case, I guess it’s probably time to sell!
US Consumers Burn Through Almost All COVID ‘Excess Savings’ As Buying Intentions Crater
While most economists were keenly focused on today’s core PCE data in the Personal Income and Spending data, we were far more interested in the spending power left inside the dynamo that is responsible for 70% of US GDP: the US consumer. And unfortunately, there is very little left.