During the FOMC press conference this week, Janet Yellen was pushed by Bloomberg’s Kathleen Hays to explain why she hiked rates amid what was evidently not a surging economy.
While Q1 looks to be the weakest economic growth period for a rate hike since 1980, today we got some more confirming real-time ‘hard’ data confirming the facts that the US economy is anything but as strong and resilient as Yellen proclaimed it.
Industrial Production has never declined on a 24-month basis without the US economy being in recession…
So, dear Janet, explain yourself (or just blame the weather… for 29 straight months).
via http://ift.tt/2mXdXBB Tyler Durden