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Real Private GDP Is The Best Measure

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T-Bill Secondary Mkt on Discount Basis Is The Fed’s Guide

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Sentiment Begrudgingly Improves

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Markets Don’t Run on Only Math

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Subs: 20% Annual Yield on Invested Capital

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Subs: Purchase

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Reminder: The Fed FOLLOWS Rates, It Does Not SET Them

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LEI Following PMI Into Irrelevance

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Subs: Solid

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Subs: Take Private?

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Subs: Beat and A Raise

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The SPR has NOT Been Refilled

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Subs: Record Quarter

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Ignore PMI

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Subs: Solid Quarter….No One Is Noticing

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