We seem to be in a situation where the survey data continues to paint a negative picture (did you see the regional Fed surveys in mfg?) but the hard data won't roll over. is it the fiscal spending that is keeping things ticking over? is it that Fed policy has never actually been tight in a real sense? These are the things that remain so difficult to determine and I suspect it will be quite a while before there is real clarity.
We seem to be in a situation where the survey data continues to paint a negative picture (did you see the regional Fed surveys in mfg?) but the hard data won't roll over. is it the fiscal spending that is keeping things ticking over? is it that Fed policy has never actually been tight in a real sense? These are the things that remain so difficult to determine and I suspect it will be quite a while before there is real clarity.