FOMC Inter-meeting Rate Cut (Jan 22)
The cut was fully priced in for next week, with a lesser probability for doing it today.
The Fed is worried about ‘financial conditions’ and hopes to prevent them from spilling over into the real economy by doing, what the mainstream would call, ‘stepping on the inflation pedal.’
Richmond Fed Manufacturing Index (Jan)
Richmond Fed Manufacturing Index TABLE
Down, but was lower last year about this time.
Also, the details of the table say more than the headline number. Shipments, cap utilization, and number of employees were the larger declines. Lead time, wages, and new orders and backlogs were up the highest percent. Prices remained moderately positive.
ABC Consumer Confidence
Bumping along the bottom – still watching CNBC.