Sage Investment Club

What Do Real Income and Spending Suggest About Recession Timing? – Mish Talk

Real Disposable Income (DPI) and Real Personal Consumption Expenditures (PCE) data from the BEA, chart by MishThe word “real” means inflation-adjusted. It’s real income and spending that are inputs to GDP.Transfer payments are redistributions of money for which there are no goods or services exchanged. Social Security, Medicare, Medicaid, and food stamps (now called SNAP) […]

One and Done for Fed Rate Hikes in 2023? – Mish Talk

Rate hike probabilities for the February 1 FOMC meeting.The above graph is from CME Fedwatch. The market is nearly 100 percent certain of a rate hike in February to the range 4.50-4.75 percent.Let’s turn our focus to December.Target Rate Probabilities for December 2023The market says it’s odd-on for the Fed to cut rates later this year. So […]

Alice Debates the Mad Hatter and the Red Queen on Timing the Recession – Mish Talk

Setting the Stage for a DebateWhile traveling through Wonderland, Alice met Humpty Dumpty. He was reading the dictionary that he wrote.  Alice asked Humpty if he would discuss recession. “Sure, I will discuss anything,” said Humpty.Alice quipped, “This sure seems like a strange non-recession.” “Oh,” said Humpty. “In Wonderland, when you hint there may be a recession, […]

Recession Watch: The Yield Curve is the Most Inverted Since the Early 1980s – Mish Talk

Treasury Yields from the New York Fed, chart by MishOn the dismal retail sales report on Wednesday, the yield curve steepened towards deeper inversions.Treasury Yields from the New York Fed, inversion calculations by MishInversion Notes 2-year to 10-year spread: -0.69 Percentage Points30-year to 3-month spread: -1.15 Percentage Points10-year to 3-month spread: -1.32 Percentage PointsOne has to […]

December Was Another Retail Sales Disaster, Even Worse With Negative Revisions – Mish Talk

Retail sales from commerce department, chart by MishAdvance Retail SalesToday, the Commerce Department released Advance Retail Sales Data for November.Advance estimates of U.S. retail and food services sales for December 2022, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $677.1 billion, down 1.1 percent (±0.5 percent) from the […]

The Best Video On Climate Change That You Will Ever See – Mish Talk

Annual CO2 emissions chart from Data in Our World.This is an absolutely brilliant speech by British satirist, Konstantine Kisin.Is Kisin’s Video For You?If you think that you, president Biden, Gretta, Al Gore, or anyone in government will do anything that matters about climate change, the video is for you.If you think that you, president Biden, […]