‘Soft Landing’ Narrative Nuked As US Industrial Production Plunges In December And New York Biz Leaders Survey Crashes To -21.4 (US Treasury 10Y Yield Drops -14.1 Basis Points)

Soft landing for the US economy? It is looking less and less likely. The bond market (10-year Treasury yield) just shed -14.1 basis points. As I always told my investments students, any 10 basis point shift in the 10-year Treasury yield is significant.

Let’s start wit the US business leaders survey of current conditions. It just crashed to -21.4

Then we have US industrial production, down -0.7% in December. And is up only 1.65% year-over-year as M2 Money growth stalls.

Capacity Utilization plunged more than expected to 78.7% (79.5% exp).

Biden claiming the US economy is strong is pure Fantasy Island.

Today, Jean Pierre annouced that Biden’s economic plans are working.

Press Sec: “Biden’ s economic plan is indeed working,” 🤡 pic.twitter.com/4MI79OXFb5

— Clown World ™ 🤡 (@ClownWorld_) January 17, 2023