‘Soft Landing’ Narrative Nuked As US Industrial Production Plunges In December And New York Biz Leaders Survey Crashes To -21.4 (US Treasury 10Y Yield Drops -14.1 Basis Points) – Confounded Interest – Anthony B. Sanders
January 19, 2023
Soft landing for the US economy? It is looking less and less likely. The bond market (10-year Treasury yield) just shed -14.1 basis points. As I always told my investments students, any 10 basis point shift in the 10-year Treasury yield is significant.
Let’s start wit the US business leaders survey of current conditions. It just crashed to -21.4
Then we have US industrial production, down -0.7% in December. And is up only 1.65% year-over-year as M2 Money growth stalls.
Capacity Utilization plunged more than expected to 78.7% (79.5% exp).
Biden claiming the US economy is strong is pure Fantasy Island.
Today, Jean Pierre annouced that Biden’s economic plans are working.
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