Washington vs. the Data
We have two separate themes in the market today. One is that Washington's failure to reach a fiscal cliff deal is causing worries of what might happen as the fiscal cliff begins to unfold and the second is that the economic data we received this morning on what has actually happened is quite good.
Three reports this morning, whether it's personal income and outlays, durable goods or my favorite, the Chicago Fed National Activity Index, all point to a growing economy with rather solid fundamentals. But the market is focused on dysfunctional politics....598 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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