Fed Begins to Waffle on Interest Rates and Tightening?
Watch the Dollar and Gold!

Broad Systemic Liquidity and Real Earnings Growth
Have Been Impaired by Federal Reserve Tightening

Constrained Consumer Liquidity Has Taken an
Increasing Toll on Economic Activity; GDP Final Sales Revised Lower

Motor Vehicle Sales Are in a Downward Spiral

Real Retail Sales, New Orders, Manufacturing,
Residential Construction and Home Sales All Have Weakened

Deteriorating Construction-Activity and Residential-Sales
Never Have Recovered Pre-Recession Peak Levels

With No End in Sight, October 2018 U.S. Manufacturing Remained
Shy by 4.3% (-4.3%) of Recovering Its December 2007 Pre-Recession Peak

The 130 Straight Months of Economic Non-Expansion in Manufacturing
Is Unlike Anything Ever Seen in the 100-Year History of the Series

Slowdown in Consumer-Driven Activity Looks Like the Onset of a New Recession

Unadjusted October 2018 Annual Inflation Bounced Back from
Year-Ago Disruptions, but Falling Gasoline Prices Should Offer Some Relief