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

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LEI Following PMI Into Irrelevance

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The SPR has NOT Been Refilled

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Ignore PMI

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Fed Cut? Not Now, But Soon

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Sentiment and Reality Continue to Diverge

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When Will The Fed Cut

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Sentiment Can Change…..Fast

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Construction Spending Rises to Record

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Self- Employment Collapses

Government hiring is propping up the labor market, and self-employment has collapsed to record lows. Not healthy

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Retail Cash Rises