Clarity At Last

This morning’s employment and factory orders numbers should have put to rest any doubts about the state of the U.S. economy. Although the NBER has not spoken – and will not for quite a while – the U.S. is plainly in recession, despite Ms Yellen’s flip-flops on rate hikes.

“Now this is not the end. It is not even the beginning of the end. But it is, perhaps, the end of the beginning.” — Winston Churchill, November 1942.


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