Weak. Very Weak.

Weak in review: 10-yr Treasury rates fell to their lowest level since 4/50 and the stock market plummeted! This was due to the unfolding Euro disaster, a benign fear of long-term US inflation and a dismal Philly Fed number, a measure of mid-Atlantic factory activity, that fell to a 2.5 year low, suggesting anemic US growth. Credit Suisse said if the Philly # is a national barometer (who knows if it is), a recession already began.

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