Do you believe her? Say whatever you want, but I feel quite differently! In fact, I believe she’s covering up the truth that would tank the economy. Treasury Secretary Janet Yellen says: “everything is JUST FINE with the economy”.
“Over the past year, our task has been to transition the economy from rapid recovery to stable growth” she said. “Our path so far shows that we are on the right track, even as we remain vigilant about potential challenges and uncertainties.”
She defended the narrative of “Bidenomics,” saying that the president’s economic policies are one of the main reasons everything is going well, especially because of the so-called Inflation Recovery Act.
This is legitimately laughable! “The continued strength of our labor market is particularly impressive given our flight against inflation” Janet Yellen said.
“We know that progress rarely moves in a straight line. But I still believe that there is a path to continue reducing inflation while maintaining a healthy labor market.”
Keep in mind, the Fed is why we are in this mess to begin with. Remember transitory inflation?
The Fed is no longer projecting a recession this year.
Neither is Bank of America or JPMorgan Chase.
Yet we will get some real numbers on consumption this week – from some of the most heavily weighted companies: Walmart, Target, and Home Depot.
If earnings disappoint even as inflation spikes, we will have a BIG problem.
If we don’t then the Fed may be able to pull this off in the short-term… even as the entitlement and debt crisis is kicked down the road for us to deal with later.
No matter what, the bill will come due at some point in time.
All three major components of the economy will feel it: the stock market, the real estate market and the jobs market.
This I can assure you of!
For now, who cares! We’re kicking ass and taking names in the market…
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