Locator: 44577B.
The week ends with the Dow surging 550 points and all economic data suggesting the US is doing much better than expected. That much-predicted, much-anticipated, much-elusive recession is, again, pushed to the right.
In less than a week, GDPNow went from 1.1 to 2.7 for the second quarter.
From an energy standpoint, look at this "Focus on Fracking" lede as the week began.
The Strategic Petroleum Reserve is at another 39-year low, US gasoline demand is at a 16-month high after the greatest one week jump in 22 years.
Think about that: US gasoline demand at a 16-month high after the greatest one-week jump in 22 years.
That "edition" of "FOF" was posted April 30, 2023.
Compare that side-by-side with my blog of April 28, 2023.
"FOF" corroborated my argument that we can say with certainty that the US is now "back to normal."
The US shutdown spring, 2020. Reset: spring, 2023.
One almost has to eliminate three years when comparing data points -- data points in almost any analysis:
- March, 2020 - February, 2021
- March, 2021 - February, 2022
- March, 2022 - February, 2023
March, 2023: reset.
I may expand on that later, but now ... out to the pool.
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