Blah, blah, blah!
We have the initial jobless claims for last week, 245,000 up 5,000 from last week, slightly better than forecast, and continuing claims rose by 61,000 to 1.87 million, slightly worse than forecast.
In any case, it does appear that if we are not in the recession that the Federal Reserve wants, we are certainly recession adjacent.
Adding more weight to this is the fact that the United States Philadelphia Fed Manufacturing Index has fallen to the lowest level since May 2020, the height of the pandemic lock-down.
Meanwhile, housing sales fell by the the largest amount in 11 years, down 2.2% month to month, and 22% for the year.
Still, the President of the New York Bank of the Federal Reserve says that we need more rate hikes, because sadism for its own sake is baked into being a central banker.
We are screwed.
0 comments :
Post a Comment