The New Normal

Lately we have seen the outlook of consumers getting better while their income is decreasing.  How does this work?  Probably it is due to a better feel in home prices.  In any case today’s GDP numbers point out that what the FED has done has not brought back a boom in anything other than stock prices.  The result will probably be a timid bounce up in stock prices from the recent lows.  The real move next, however, will be a rally in T-Bonds over the next three months.  We are buying bonds today.


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