Latest Retail Sales, Employment and Monetary Base
Show Increasingly Negative Economic Trends

January 2019 Retail Sales Signaled a Downside Revision to
Fourth-Quarter 2018 GDP, Along With an Early
Indication for a First-Quarter 2019 GDP Contraction

Annual Growth in February 2019 Payrolls Slowed in a Manner
Consistent With a Faltering First-Quarter Economy

February 2019 Saint Louis Fed Adjusted Monetary Base
Declined Year-to-Year by 13.0% (-13.0%), Worst Showing Since
1937 Onset of Great Depression Second Down Leg

Reporting of Broad U.S. Economic Activity Signals a New Recession,
While Major Sectors Such as Manufacturing and Construction
Never Recovered from the Last One

The FOMC Should Be Feeling Increased Pressure to Ease,
But Action Still Is Not Likely Next Week