It goes like this:
The gap between soft and hard data is at a record:
Yet the Fed shows a huge jump in economic uncertainty:
What’s the answer to this riddle?
Before you answer, check credit flow:
and perhaps auto sales:
Yet auto loans are at all time highs:
And subprime loans are defaulting at higher rates:
So you tell me how the riddle resolves itself.
I suspect the answer starts with the letter “R”.
Categories: Macro Corner