Economic Prediction
Stocks are up and bonds prices are up (yields are down) after a tame core CPI reading this morning. Traders apparently believe that the Fed will not have to aggressively raise rates in the future. Yet I will predict that the N&O will find some way to spin this into a negative economic story in tomorrow's edition (following the lead of the MSM).
I used to follow these economic statistics closely as one of those traders responsible for acting on every important number. I remain struck today by how the press is able to take strong job creation (274k new jobs in April), strong retail sales (1.4 % in April), an improving trade deficit and 3+% GDP growth and paint a gloomy economic picture. I remember that the press took similar numbers during the Clinton administration and lauded the Dem economic team, so why no fawning articles on the Republicans?
I used to follow these economic statistics closely as one of those traders responsible for acting on every important number. I remain struck today by how the press is able to take strong job creation (274k new jobs in April), strong retail sales (1.4 % in April), an improving trade deficit and 3+% GDP growth and paint a gloomy economic picture. I remember that the press took similar numbers during the Clinton administration and lauded the Dem economic team, so why no fawning articles on the Republicans?
posted by SCP at 1:09 PM
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