Even though Biden continues to pour on the coal of fascist economics, which is when governments fund private/corporate ventures to make them happen, as Hitler did in Germany to build Germany back better after its deep depression, January sent some brief chills into markets, particularly bonds. Stocks shrugged the news off after a day.
Having just reported on those bad turns in the data in last week’s editorials as the news happened, I’ll now give a recap from the mainstream press today as they finally start to see glimpses of the dark realities at a level where they cannot avoid reporting on them any longer:
Recent data over the past week has challenged [the soft-landing] narrative.
January inflation reports from the Consumer Price Index (CPI) and Producer Price Index (PPI) showed prices increased more than economists projected in the last month. And the January retail sales report showed sales dropped by more than economists had expected. In other words, neither inflation nor consumer strength improved.
While one person in the article just quoted says to pay no attention to the man behind the curtain, another notes these are real concerns. We’ll stay with a quote from the more intelligent one as the unintelligent ones get WAY more time in the mainstream press than they ever deserve anyway:
The growing economic consensus has hit a bump in the road.
…The recent string of January data is notable because it's largely the first chunk of data to challenge the soft landing narrative since Federal Reserve Chair Jerome Powell hinted the US economy may be headed to the ideal outcome during the December Fed meeting.
"The data is stacking up against investors in a way that's making people more nervous," SoFi head of investment strategy Liz Young told Yahoo Finance Live.
After this week though, economists are cutting their projections for first quarter gross domestic product (GDP), a popular economic growth measure. Goldman Sachs has shifted its forecast from 2.9% annualized growth in the first quarter entering the week down to 2.3%. The Atlanta Fed's GDP tracker moved down to 2.9% from a 3.4% projection on Feb. 8. Not auspicious for the economic growth component of a soft landing.
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