Here’s what’s in your Prime Interest today:
Bernanke’s patting himself on the back right now — at least with respect to Consumer Price Inflation, which came in at precisely the two percent official Fed target. For those of us who don’t eat food or drive a car, the number was a bit smaller: one point seven percent. Previously, Bernanke touted himself in front of the Senate as having one of the best inflation record of any Fed Chairman in the modern era.
Unfortunately, some other economic data was released — specifically regarding manufacturing — that has sent the stock market tumbling. Two Fed surveys — one by the New York Fed, the other in Philadelphia — disappointed greatly. Seems, producers of “stuff” are shipping less of it, orders are going unfulfilled, and inventories are being drawn down — meaning less “stuff” production. In other words, the markets are not going to like a September tapering by the Fed.Help us spread the ANTIDOTE to corporate propaganda.
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