Our friends over at Last Refuge point out the totes-missing stat in the chart presented by Fed Chair Powell.
Then they ask a couple of good questions which were NOT asked by "journalists" attending the presser.
...(1) Powell claims the Fed “can see no signs of weakening consumer demand“. Who in the Sam-hell is he talking to, and how can they not see a drop in consumer demand?
(2) Perhaps worse, the Fed Chairman says almost nothing about the largest ever drop in productivity last quarter (-5%), and instead is only slightly worried that the drop in productivity is larger than the increase in wages (+3%). Whiskey – Tango – Foxtrot. Does this guy not have anyone on Main Street who talks to him? If I’m an employer paying three percent more and generating five percent less, what do you think I’m about to do?...
Maybe Powell actually resides in Bolivia or Calcutta. Or on the Moon.
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