"I proclaim the power of God,
You do marvels for your servants;
Though you scatter the proud-hearted
And destroy the might of princes.
To the hungry you give food,
send the rich away empty.
In your mercy you are mindful
of the people you have chosen.
In your love you now fulfill
What you promised to your people.
I will praise you, Lord, my saviour,
Everlasting is your mercy."
Canticle of Mary
Stocks were flat to lower today ahead of the Non-Farm Payrolls Report tomorrow.
The Trump Administration placed 25% tariffs on steel and aluminum from Canada, Mexico, and the EU.
And as these entities are answering with tariffs of their own in kind, then the markets have suddenly become aware of the deterioration of the international trade status quo.
Problems and injuries with 'autonomous driving' continue to be reported. I might suggest that until something is done to significantly upgrade the crazy and deteriorating patchwork of roads in the US, that fully autonomous driving is a potential benefit without substance, and likely to be an expensive failure.
And until something is done to root out the institutionalized corruption and purposeful policy errors in the economy, that there will be no sustainable recovery. It will exist only in wishful thinking and frauds.
Gold, silver, and the Dollar were largely unchanged.
The economic data this morning showed that personal spending is expanding at 0.6% while personal income is only growing at 0.3%. It will be tough to make that up in volume, especially with most of the income growth continuing to flow almost exclusively to the top one percent.
Luke Gromen had an interesting observation about US corporate profits. I include it in the first chart below.
Tomorrow is the Non-Farm Payrolls report.
Even in the midst of these unknowns, God has once again impressed upon this unworthy and foolish servant the tender mercies and compassionate judgement of His economy, founded and enduring in joy. Thanking Him always, for giving what we need, rather than what we may desire.
The tomb is empty, and death is overthrown, and we are the heirs to eternal life.
Need little, want less, love more.
Have a pleasant evening.
