Jackson Browne appartently knew that the Biden/Harris economic recovery would run out of gas as soon as Federal spending started to slow down. The US economy is running on empty.
Evidence? The Chicago Fed National Activity Index (CFNAI) decreased to –0.28 in September from –0.01 in August. Two of the four broad categories of indicators used to construct the index decreased from August, and all four categories made negative contributions in September. The index’s three-month moving average, CFNAI-MA3, decreased to –0.19 in September from –0.14 in August.
The USD Swaption Surface is steeply sloped to 1 month.
