We were reminded again yesterday that The Fed believes the US economy is “strong” and “robust”. But nothing in the data suggests that’s true. So, are they lying again? Of course they are. The Fed is simply following the old SPIN and MOPE path.
So I guess that’s where we’ll start on this fine Thursday morning. The “strong” US economy. You’ll recall that the first guess at Q1 GDP came in at -1.4%. The second guess was posted a few minutes ago and it was actually revised LOWER to -1.5%….