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Recession Ahoy?
"The global manufacturing sector suffered its steepest contraction since 2009 as demand, international trade and supply chains were severely disrupted by the COVID-19 outbreak", the commentary accompanying a 47.2 print on JPMorgan's Global Manufacturing PMI reads.
That's the lowest reading on the gauge since May of 2009, and represents a more than 3-handle drop from January's 50.4. Output plunged to 43.5.
"Output fell across the consumer, intermediate and investment goods industries [and] manu
The Treasury cash account has $370B (just under all-time high) sequestered away. If they spent $170B of that….$500 for every man, woman, and child…they would be left with $200B (average) and a recession would be averted. If there was a military threat, individuals and businesses would not be expected to pay for the defense out of existing resources; the government would create the money required to fight the threat. How is the present situation any different? Any stock rally that is not accompanied by fiscal support, should be sold.
Powell never should have buckled. EOF