Michael Kors bangles
Uncategorized / September 26, 2017

We have struggled with the signals from oil and bonds (our worries were chronicled here), daring to think they could be portending doom. This week’s report from the Commerce Department on December retail sales is another warning peal.Retailers and restaurants, excluding gasoline stations, saw a 0.3% decline in December from November, although they were up 3.2% year over year.In the meantime, crude is below $50 a barrel and the 10-year Treasury note yield has plummeted to under 2%. Copper is charting new lows. Yields on some government bonds in Europe, where deflation hovers like some avenging fifth horseman from the Apocalypse, have even darted into negative territory. China is slowing China and Japan is moribund.In the U.S., inflation remains slightly positive but is nowhere near any foreseen level that would prompt the Federal Reserve to end the party soon. The Labor Department reported this morning that the consumer price index excluding food and energy was flat in December and year over year was up just 1.6%. Real GDP growth is still expected to have been an annualized 3% or better in the fourth quarter and job growth continues to be brisk, although wages remain a disappointment to us and other…