This week’s activity, and today’s specifically, should offer a reminder that when push comes to shove, while rate cuts are nice, a stronger economy is preferable.

​​​​​​​Three monetary riddles, partially overlapping, require at least a tentative solution before work on any genuine forecast for 2026 and beyond should begin.

December PMI declines to 47.90 with persistent pessimism as the revised Nov Industrial Production(IndPro) level held near its recent highs.