Neutral Numbers

slowOn one hand, small business optimism is at a post-recession high, the budget deficit at 2.8% of GDP is at its lowest level since 2008, and job openings are back at pre-recession levels. On the other hand, retail sales disappointed for a second straight month, inventories look a bit high, and first time mortgage applications remain at levels seen last in 1996. Short-term rates are not rising anytime soon!

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