A Rough Couple of Weeks for Stocks, While
Physical Gold and the Swiss Franc Held Their Own

Third-Quarter 2019 Gross Domestic Income Growth (Theoretical GDP Equivalent)
Just Revised Lower to 1.2% from 2.1%, Due to Employment/Payroll Revisions;
Negative GDP Revisions Keep Lining Up for the July 30th Benchmarking

Fourth-Quarter 2019 Quarterly Declines in Real Retail Sales and Manufacturing, and
Deepening Annual Collapse in Freight Activity, All Preceded the Coronavirus Crisis

FOMC NEEDS TO CUT INTEREST RATES NOW:
Underlying Consumer Fundamentals and Activity Continue to Suffer,
Separate from Any Pandemic Considerations

Pre-Pandemic Consumer Financial Woes Reflect Excessive 2017-2018 Rate Hikes,
Complicated by Insufficient, Subsequent FOMC Rate-Relief Easing

Yet, Wall Street and the Fed Chairman Have Claimed the Consumer Economy
Continues to Boom, that the Consumer is Financially Healthy and Happy

Unfolding Pandemic Now Gives the Fed a Headline Excuse for Easing,
Without Having to Admit to its Own Economic/Monetary-Policy Malfeasance