Growth …

Just out, GDPNow, First quarter 2023, Latest estimate: 3.2 percent — March 16, 2023. Growth continues to defy the inflation & recession crowd. My view, inflation is now the No 2 problem, Instability by a FED that won’t own up to its excesses in both directions is number one. All they are doing is killing the banks with FF rates out of sync with market rates.

All this FED is accomplishing is killing the banks with the 3 month CD rates out of sync with market basket rates. Greenspan’s favorite indicator the 30 year vs the 5 year is turning up, (direction of the 50 day average) the sign of good market conditions.