Consumption/Manufacturing Downturn Driven by Consumer Liquidity Woes

Weakening Industrial Production, Manufacturing and Capacity Utilization Were
Consistent With a Pending Downside Revision to Fourth-Quarter 2018 GDP and
Signaled High Odds of a First-Quarter 2019 GDP Contraction

These Data Reinforced Similar Negative Revisions Seen With Earlier Indicators,
Including: Retail Sales, Housing, Construction and Payrolls

February Housing Starts (March 26th), January Trade Deficit (March 27th) and
An Eviscerated Annual Industrial Production Benchmarking (March 27th)
Are the Last Major Reports, Prior to the March 28th Final GDP Estimate;
There Is Limited Chance of a Reprieve

The Economy Is Weakening Sharply and Quickly, Due to the
Overly Aggressive Federal Reserve Tightening and Rate Hikes

Where Current U.S. Economic Activity Has Signaled a New Recession,
Major Business Sectors, Such as Manufacturing and Construction,
Never Recovered Fully from the Last One

Accordingly, the March 20th FOMC Meeting Is Not Too Early to Address the
Intensifying Business Collapse; Yet, the FOMC Is Expected to Sit on Its Hands