It seems obvious to CDMedia that the Russia Hoax, the impeachment scam, the Chinese coronavirus pandemic, and the race riots, have all been back-to-back attempts to bring down Trump and the American economy in order to prevent the President's re-election. We don't believe in coincidences.
So today, as the Black Lives Matter looting winds down, we have the next boogeyman released onto investor's psyche -- the Second Wave!
Of course, the market sold off in conjunction with the reports; Treasury Secretary Mnuchin even felt the need to say we are not shutting down the American economy again.
“We can’t shut down the economy again. I think we’ve learned that if you shut down the economy, you’re going to create more damage,” Mnuchin said in an interview with CNBC’s Jim Cramer on “Squawk on the Street.”
“And not just economic damage, but there are other areas and we’ve talked about this: medical problems and everything else that get put on hold,” he added. “I think it was very prudent what the president did, but I think we’ve learned a lot," reported CNBC.
In actuality, this pause is healthy, as the market had gone straight up for a month. The American economy is rebounding. That is obvious to anyone living outside a blue state lockdown. This will continue into the election, bar the emergence of Russia Hoax 6, 7, 8, or 9. Dirty bomb, EMP blast anyone?
Economic data released today was basically in line with consensus.
Producer Price Index (YoY) (May) printed at -0.8% vs -1.2% consensus estimate.
Producer Price Index ex Food & Energy (MoM) (May) printed at the estimate of -0.1%.
Producer Price Index ex Food & Energy (YoY) (May) printed at 0.3% vs 0.4% estimate.
Continuing Jobless Claims (May 29) printed at 20.929M vs 20M estimate.
Producer Price Index (MoM) (May) printed at 0.4% vs 0.1% estimate.
Initial Jobless Claims (Jun 5) printed at 1542k vs 1550k estimate.
Initial Jobless Claims 4 week average (June 5) printed at 2002k.
EIA Natural Gas Storage Change (June 5) printed at 93B vs 121B estimate.
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