The Philly Fed number came in much lower than expected.
There is no recovery. Capitalism has itself caught in the trap where the concentration of wealth and lag of growth in the median wage, relative to productivity, is strangling the 'virtuous cycle.'
I think the jawboning from the Fed was designed to dampen the growing bubble in financial assets.
Let's see if the correction is done. It seems to have strong support around 1490 in the futures.
