Markets Up, NGDP Up

The Week Ending Friday January 26 2018 This was quite a week. The S&P 500 rose 2.4%, Friday-to-Friday, the dollar index was down -1.7% and the GDP report was about as strong as expected, at least on the nominal figures we are focused on. Hard as it is to believe, WTI crude oil is selling for $66 a barrel, no doubt in part a result of the 9% drop in US crude stockpiles from this time last year. While we’re at it, let’s note the 5-year yield is at 2.47%, the highest level since 2011, though hardly back to a…

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