Hello, Subscribers!
One of this newsletter’s concerns is that the hyper-dramatic events in the Mideast are distracting investors from the swelling body of evidence that the U.S. economy continues to weaken.
Moreover, it’s not just cartoon fodder that Fed chair Jay Powell continues to characterize it as “solid” despite a lengthening list of contradictory economic releases. A few of those, from yesterday’s Wall Street Journal, are shown below. (Consistent with the lack of attention to this data, they were relegated to page 2 versus the front page)