Consolidation

Week ending Friday October 13th 2017 Market indicators took a breather last week after a few weeks of sustained optimism had modestly lit up growth expectations and our NGDP Forecast. The Fed questioning its understanding of the economy, especially the drivers of inflation, is perversely positive for the inflation outlook. If markets do not believe that the Fed has a weakened belief in the Phillips Curve, then it is more likely that Phillips Curve-like outcomes will occur. Markets The very strong equity-reporting season was anticipate, so actual equity earnings reports are a bit on the disappointing side of things. Therefore,…

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