Photo illustration: Annelise Capossela/Axios. Photos: FPG, Heritage Art/Heritage Images via Getty Imageswas less than earth-shaking. But it tells us something important about how the intersection of the economic, political, and financial is changing in 2023.
After surprisingly weak retail sales and industrial production numbers two days ago, stocks fell and bond prices rose. That's what you would expect in normal times, but it reflects a big shift from 2022’s upside-down dynamics.is returning to its normal footing, in which economic weakness will translate to easier monetary policy.inflationInvestors increasingly think a deteriorating economy is likely to damage earnings for companies.
Most of last year consisted of the central bank ratcheting up its rhetoric and tightening its policy as inflation kept coming in hot. But with inflation coming down and the economy seemingly slowing, there are plausible pathways in both directions. This was evident in vice chair Lael Brainard's speech on Thursday, where she paired some standard-issue tough talk about inflation with a thorough accounting of the evidence the economy"Inflation has been declining over the past several months against a backdrop of moderate growth," Brainard said, adding that this week's industrial production points to "a significant weakening in the manufacturing sector.
Source: Financial Digest (financialdigest.net)
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