Welcome to STAGFLATION. Fed forced to hike rates into a slow economy.

The Fed Just Got Rid of Forward Guidance Because It’s Making It Up as It Goes

Ultimately, it’s all just more tinkering, and what the Fed should be doing is stepping way back from monetary policy. It should stop “setting” the interest rate altogether. The Fed should cease open market operations, allowing the marketplace to discover what the real market interest rates actually are. That, unfortunately, is not on the Fed’s list of options.

Comcast fails to add broadband subscribers for first time ever as economy slows.

Based on Analysis of the Final Q2 GDPNow, a Recession Started in May

Starting in May, retail sales floundered and housing fell though the floor. The RFS component of GDP fell from 3.7 percent to 1.1 percent. That means -2.6 percent on RFS in May and June. That’s a pretty steep contraction. Strength in April negates a recession starting in the first quarter regardless of two quarters of negative GDP.

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Strong Labor Market? Initial Jobless Claims Hit 8 Month Highs

While we keep being told that the labor market is ‘too strong to be in recession’, anyone who cares to look at the higher frequency data will see that narrative coll;apsing fast as initial jobless claims rose to 256k last week (worse than the 250k expected)…


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