Mmmmm. Everything does seem to be groovy..... ???
1). FOMC Cut Rates by the Expected 0.25% (-0.25%), in the Context of “Sustained Moderate Growth” / Balance Sheet Expansion Into Mid 2020 (See FOMC Section)
2). Annualized Third-Quarter 2019 Real Quarterly GDP Growth of 1.92% (Down from 2.01% in 2q2019) Was Not Meaningfully Different from Zero
3). Real Year-to-Year Growth Slowed to 2.03%, Its Lowest Level Since the 2015 Mini-Recession, down from 2.28% in 2q2019
4). 3q2019 Final Sales (GDP Net of Inventory Growth) Collapsed to 1.97% from 2.92% in 2q2019
5). Domestic Liquidity Issues Appear Serious, with the Velocity of Money in Its Sharpest Quarterly Drop Since the Great Recession
6). 3q2019 Durable Goods Orders Declined Year-to-Year for the Second Consecutive Quarter, Both Before and After Consideration for Inflation and Volatile Commercial Aircraft Orders
7). Weakness Continued in September 2019 Consumer-Sector New Orders
8). September Industrial Production Declined 0.39% (-0.39%) in the Month, Hit by Manufacturing and Mining / Annual Drop of 0.14% (-0.14%) Was First Since 2015 Mini-Recession
9). Monthly Declines in New- and Existing-Home Sales/ Regular, Nonsense Monthly Volatility Continued in September Housing Starts and Building Permits, Yet the Smoothed Series Appear to Be Flattening Out, Down About 42% (-42%) from Pre-Recession Highs
10). September Freight Index Confirmed Ongoing Economic Collapse
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