Afternoon Note
Another day of meandering, and I can't quite figure out if it's the weather (spring is really here now), or confusion about the domestic and global economy.
The Global Flash US PMI came in higher month to month and above the consensus.
More fodder for those that would like to see the Fed hike rates into the end of the year. Part of the pause is for next week when we get a bunch of big-time tech reports.
Meanwhile, Consumer Discretionary is leading the charge followed by Consumer Staples. The consumer keeps spending - but how much is on borrowed time at the higher interest rates?
The companies will report in nominal numbers, which is why we have exposure. But the underpinnings of the economy will grow weaker as credit card debt zooms past one trillion dollars.
The thing is this stuff can play on forever.
Comments |
It will play on forever, or at least seem like it. This is how we arrived at the stagflation of the late 70’s, just faster - but with the same results. Powell and Co will raise rates again, thinking he can contract out of inflation, yet Bidens indifference to the woes of spending persist. We need to grow the economy and productivity- supply - not continue to raise rates. Charles on 4/21/2023 2:13:23 PM |
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