Economic data Tuesday was mixed as missed weaker but rose to 0.3% vs 0.8% expected & prior 1.00%; Chicago PMI still weak & missed at 49.4 vs 50.6 expected & prior 48.2; but Consumer Confidence soared to 101.4 vs 97.4 expected & prior 94.6. Most of the latter was based on “expectations” conditions would be better in the future.
At the same time all this news came before current weak market action.
The joke of the day came from the Fed’s Fischer who stated, “The economy is nearing full employment”.
I guess all those no longer counted as employed have disappeared into the Fed’s gulag view.
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