The soon-to-be-renamed-Boring-Book, for its constant uniformity of mediocre Goldilocks data offered little to strengthen bulls or bears (as usual) but it seems weather was the key once again. With 119 references to “weather” (6 times more than the January report), they remind us that:
- *FED SAW ECONOMY GROW EVEN AS HARSH WEATHER SLOWED HIRING, SALES
- *FED SAYS OUTLOOK ‘AMONG MOST DISTRICTS REMAINED OPTIMISTIC’
But – the “m” words continue to dominate:
- *FED SAYS MOST REPORTS OF IMPROVEMENT WERE ‘MODEST TO MODERATE’
As 8 of the 12 districts “reported improved levels of activity”… but but but the weather. Healthcare concerns were cited 16 times.
After removing filler words, only one thing matters…
More to come…
via Zero Hedge http://ift.tt/1orpU9e Tyler Durden