Financial Markets Teeter On The Cliff As Economy Collapses Under Them

By L Todd Wood

March 1, 2023

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As a former bond trader, I can tell you -- interest rates matter. They matter a lot - they are going to go higher.

The benchmark US 10 year Bond just hit 4%. The historical average is around. 5%. We're not even back to the average.

As rates rise further, more debt, more bankruptcies will occur on the consumer and corporate side.

It's going to get a lot worse before it gets better.

The Fed can't kick the can forever. It's time we felt pain, real economic pain.

Only then can we recover.

Manufacturing shrunk again. Prices rose again for producers. It's called stagflation.

New orders did rise but most likely due to supply chain issues.

S&P Global Manufacturing PMI(Feb) printed at 47.3 vs 47.8 estimated.

Construction Spending (MoM)(Jan) printed at -0.1% vs 0.2%.

ISM Manufacturing Employment Index(Feb) printed at 49.1 vs 51.

ISM Manufacturing New Orders Index(Feb) printed at 47 vs 43.7.

ISM Manufacturing PMI(Feb) printed at 47.8 vs 48.

ISM Manufacturing Prices Paid(Feb) printed at 51.3 vs 45.

EIA Crude Oil Stocks Change(Feb 24) printed at 1.165M vs 0.457M.

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Author

L Todd Wood

L Todd Wood, a graduate of the U.S. Air Force Academy, flew special operations helicopters supporting SEAL Team 6, Delta Force and others. After leaving the military, he pursued his other passion, finance, spending 18 years on Wall Street trading emerging market debt, and later, writing. The first of his many thrillers is "Currency." Todd has been a national security columnist for The Washington Times and contributed to One American News, Fox Business, Newsmax TV, Moscow Times, Novaya Vremya (Ukraine), the New York Post, National Review, the Jerusalem Post, Zero Hedge and others. He is also founder/publisher of CDM. For more information about L. Todd Wood, visit LToddWood.com.