Stagflation Reality Contradicts Biden/Powell's Optimism with Ed Siddell #6065
May 17, 2024 ·
16m 12s
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Description
Ed Siddell breaks down the recent market rebound in May following a challenging April. He discusses how Federal Reserve Chairman Jerome Powell's assurances regarding stable interest rates have temporarily alleviated...
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Ed Siddell breaks down the recent market rebound in May following a challenging April. He discusses how Federal Reserve Chairman Jerome Powell's assurances regarding stable interest rates have temporarily alleviated market fears, contributing to the rebound. However, Siddell points out a significant disconnect between Powell’s optimistic projections and the prevailing economic data indicating stagflation—a scenario combining stagnant economic growth with inflation. Siddell highlights several key indicators that contradict the Federal Reserve's narrative:
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- ISM Manufacturing Index: Expected at 52 but came in at 49.2, signaling economic contraction despite rising prices.
- PMI Numbers: Anticipated to be between 43.2 and 45, they dramatically fell to 37.9, further evidencing economic slowdown.
- Consumer Confidence: Dropped from 104.7 to 97, indicating growing consumer concerns.
- Consumer Sentiment: Forecasted to be between 77 and 79, but recorded just below 68, revealing significant pessimism among the public.
- Producer Price Index (PPI): Continues to show persistent inflation, defying expectations for a reduction to 2%.
Information
Author | Kerry Lutz |
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