The economic news this morning was simply awful.

You can skip over the unemployment claims figures, and take them with a grain of salt.  They do not show a ‘strong labor recovery’ to anyone who has an open, reasoning mind.  They show an economy of low paid stagnation with a sizable portion of the labor force laid out with exhaustion and giving up the pursuit of jobs.

But the Empire Manufacturing and Philly Fed numbers were chilling.

And that is why stocks rallied so hard today, because except for the inimitable servant of the New York Banks first and foremost, Bill Dudley, there won’t be any rate increases from the Fed anytime soon.

However, the Fed’s presumed lack of further action, caught as it is in a credibility trap of policy error, does not do much for the rest of the world, particularly China.

And in that we may find a scapegoat, but no respite or relief from the mismanagement of the economy by the kleptocratic elites and their minions.

Where to next?

Let’s see if hope floats.

Have a pleasant evening.

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