The magnitude of the revision is eye-catching. And my inner sceptic wonders how the initial data reads could have got it so wrong.
Daily newsletter post with thughts on the latest GDP numbers, a US-EU trade deal and the earnings numbers coming from social media companies
These are conflicting narratives, yes. But they don't have to be because, as Minsky quipped, stability breeds instability.
Oil prices are at a point where Donald Trump may consider using the using the Strategic Petroleum Reserve to provide modest price relief to consumers.
Global equities have rallied. Of course, stock prices are not the end all and be all, but it stands in stark contrast to the cries that the sky is falling.
Editor's note: This post was first published on Patreon on 27 June 2018. The United States governments spends money by keystroke. And though it is forced by law to sell bonds when its accounts at the Fed run low, this artificial…