Stocks were once again wobbly today.

The mispricing of risk in High Yield has lowered the spread to quality to new lows again. 

Yay us.

Gold and silver backed off a bit as the Dollar managed to take out the 97 level and hold it.

The constant drumbeat of the greatest economy rings a bit pale to the majority of Americans who are living paycheck to paycheck.

NEW YORK – The Federal Reserve Bank of New York’s Center for Microeconomic Data released the January 2019 Survey of Consumer Expectations, which shows that while short-and medium-term inflation expectations were unchanged, households were generally less optimistic about the economy and about future changes in their financial situation. Expectations that the unemployment rate will be higher a year from now increased for the fourth consecutive month, and expectations about government debt growth increased sharply.   Regarding their own financial situation, respondents were less optimistic about future credit availability, and fewer expect to be financially better off a year from now.

NY Fed, Survey of Consumer Expectations, Feb 2019

The eventual reckoning to which the US is heading for its pride and inordinate devotion to power and the principle of 'might makes right' is going to be memorable. 

Have a pleasant evening. 

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