The weekly market update is posted and includes the following;
Depending on your view, the jobs data has either been in a groove or in a rut. Unemployment clearly is low but wages (along with some other economic indicators) have not recovered like in previous recoveries. Stephanie Pomboy from Macro Mavens is particularly worried about wages as well as a rise in credit delinquencies. Consumers are certainly getting by but aren’t prospering. This is a similar story to what has been happening in other developed countries but strangely the data and demographics are worse but the yields are lower. The eurozone unemployment reported a 9.1% (best since 2009) but while the US ten year yields 2.26%, the German bund yields 0.46%, the French OAT yields 0.74%, Spain 1.48% and Italy 2.02%.
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Neat lodge in Mount Rainier National Park
From the Skyline Trail in Mount Rainier National Park with a spaceship hovering over it.
On the Switchback Trail to Klahhane Ridge in Olympic National Park