The Shutdown has opened, but has been replaced by Stuck. Interest rates are stuck, the 10-year Treasury wandering north of 2.5 percent, and mortgages wandering south of 4.5 percent. Delayed September data is slow-side: factory production up 0.1 percent, retail sales ex-autos no gain at all, core CPI up 0.1 percent, and only 1.2 percent year-over-year. In the first glimpse of October the manufacturing ISM pink-cheeked to 56.4, up 0.2 from September, but given the Shutdown no telling its validity. "Obamacare" is stuck. Hoo-ee, baby. Any big-website rollout will have trouble, and techies tell me the expected failure rate is 50 percent. However, those not experienced in running large organizations have management confused with flipping switches. This executive branch has even le...
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