The GDP report this morning showed a +4.0% growth rate in the second quarter. Almost all durable goods going into inventory. But not very likely to be sustained upon revision, but since the revisions go on for three or four years, it really doesn’t matter whether the number is real or not. The big question is, of course, what will the Fed idiots savant do?
It would seem that there is little excuse for continuing to flood the economy with liquidity. But who knows?