It Was The Sunset, Not the Sunrise
Factory orders declined again in March 2016, which was entirely expected on calendar effects alone. As leap year fades into historical memory, economic accounts are returning to their now normal slow, steady contraction. Year-over-year, factory [...]
Proving Yet Again Global Weakness Starts Here
When commenting on any weakness in the US economy, it has become common even shorthand for any outlet or author to affix the conventional explanation. Suspiciously low growth rates and far too many outright contractions, [...]
Benign Foreign Dollar Buffer or Systemic Collateral Issues, Continued Illiquidity and ‘Dollar Strain’?
There isn’t a whole lot known about the Federal Reserve’s Foreign Reverse Repo accommodation, and I believe that is intentional. The rate which the Fed pays to “borrow cash” from foreign central banks and governments [...]
Getting Far Too Caught Up In The One Step Forward
It seems as if some “markets” are having a difficult time coping with the different speed at which the economy is changing. Maybe that should be expected given the dramatic transformation of them into often [...]
PMI’s May Seem To Change, But The Trend Does Not
The ongoing lesson in PMI interpretation added another layer with China’s turn. The official manufacturing PMI dropped back to 50.1in April from 50.2 in March. Last month’s rise above 50 was the first in that [...]
The Weakness Is Really Different Now
If there is any wonder why PMI’s deserve scorn, this morning’s twin bill delivered solid reasoning. Both the ISM Manufacturing Index and the Markit Manufacturing PMI declined, and both remained above 50. However, there was [...]
Coming To Terms With Money; Part 2
To economists nothing about the 2000’s makes sense (a condition that has only grown worse in the 2010’s). At the same time productivity growth suddenly disappears, in its place is this incomprehensible “global savings glut.” [...]
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