The market is marking time, but economic data continues to come in with big misses.
Today, it’s the Kansas Fed Manufacturing Index, which came in at the -9 in August from +7 in July. Prices are coming down, but there is frustration.
Selected Manufacturing Comments
“Costs are still up – through the roof”
“A recession that impacts our industry and eliminates jobs will have to occur before we see wage inflation to stop.”
“People want a job but once they get one they quit working.”
The Fed has its challenges for sure, including not overdoing it, which is only something they can know long after they've stopped.
Tomorrow is the big day - can’t wait to hear from Powell...wonder if it will be a yawner.
|My bet is the FED will stay with another 75 basis points tomorrow. They must in order to drive spending down and get to their 2% inflation goal.|
Paul Krueger on 8/25/2022 2:00:30 PM
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