Loading ...Guess what? Recession looming means rate cuts required to save the all important. stock mkt. and keep it on its journey to infinity.
Which means much higher gold!
From the desk of my good buddy Dave Rosenberg—
Author of the daily economic report, Breakfast with Dave, and Chief Economist & Strategist at Gluskin Sheff + Associates Inc.More
Yet another recession-like metric. The Kansas City Fed manufacturing survey sagged to a 31-month low in June;
and what is really disturbing is the sharp slide in vendor delivery delays to its most contractionary level since September 2015.
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I did a speech with Paul McCulley some years ago. I recall him saying the YoY trend in the 3-mo m.a. of core capex orders
is his favorite leading indicator. If you’re looking at the U.S. economy through rose-colored glasses, it may not be a bad idea to switch optometrists.
Jobs-hard-to-get series from the Conference Board Consumer Confidence index only shoots
up 4.6 points in a month when recessions hit. That’s all folks!
Memo to the growth bulls: capex declines back-to-back (as is the case) happen more than
60% of the time in outright recessions and a mere 5% in expansions. My advice is to play the odds.
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