The US economy is barely chooglin along at a dismal 0.53% YoY (but 0.4% MoM in March). As the Covid “sugar rush” that caused a surge in Industrial Production in April 2021 of 16.56% has led to a “sugar crash” as M2 Money growth crashed and The Fed hiked rates to combat inflation. Known as a “sugar crash.”
Also in today’s economic news is more Sugar Crash news. Advance retail sales dropped -1% in March. That is -155% lower than a year ago when it was +1.8%.
Here is the breakdown.
The Federal Reserve put a spell on us when Bernanke/Yellen kept rates too low for too long (TLFTL) and The Fed is now playing catch up. It is now creating havoc.
And on the Philly Fed’s Christopher “Fats” Waller saying that he favored more monetary policy tightening to reduce persistently high inflation, although he said he was prepared to adjust his stance if needed if credit tightens more than expected, we see that US Treasury 2-year yield jumping 13.5 basis points to 4.103%.
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