Despite paying trillions in Federal taxes every year, Americans' requests for a clear, detailed breakdown of where their money goes every year, have gone unanswered and been ignored by both Republican and Democrat administrations for one simple reason: transparency has an unpleasant way of mutating into accountability, which is the scariest thing imaginable for any career politician.
Not any more.
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Source: Townhall.com
Who could have seen this coming?
We have noted the stark divergence between still robust expectations/ surveys/ confidence (soft data) and relatively weak final sales/ production/ spending (hard data) numerous times in the past few months.
But note how the recent collapse in “soft” upside surprises has totally eliminated this gap.
This is relatively straight forward to explain in context. Both the underlying macro data change and consensus indices for soft data were running at post GFC highs at the end of March/early April.
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Source: Ben Garrison