Aw, SDA, it’s just ‘funny money’ until I’ve got to cash in my chips. And, I don’t have to cash in my SDS chips for at least a year or two.
If the stock market hasn’t crashed by the end of the year, I’ll revisit my strategy.
But, given the flat industrial production in May (revised downward for April, too), drop in capacity utilization, and fall in consumer confidence, I remain as cool as a cucumber:
I look forward to seeing the personal consumption data for May, to be released in two weeks. Given the high headline inflation that we saw today, I expect that spending will be weak (e.g., the surprisingly high nominal May retail sales will be markedly deflated by the surprisingly high headline inflation to arrive at surprisingly low real May personal consumption growth).
