Well here we go again!
Today we got even more bad economic news.
- Wages remain flat, and
- Consumer spending barely moved.
So what does this mean?
I expect one more rate hike from the federal reserve this year, most likely in September, 25 basis points and then they are done. All this talk from the Federal Reserve regarding their balance sheet normalization it is simply not going to happen this year.
Despite the fact that the stock market is at all time record highs, our economy is simply going nowhere. Moreover the plummeting dollar value, (it is at a 15 month low), is already hurting consumers as evidenced in round 2 (listed above) with regard to economic reports.
Even more bad news on the economic front.
Today both General Motors and Ford reported big misses with regard to sales of new vehicles...
Gregory Mannarino @marketreport
