The Black Box

[wahz]

The (lack of new) jobs report deserves the biggest "wow!" yet.
Much is being done right: money supply growth, low rates, low taxes, massive deficit spending. It took a long time in the early 90's, and its taking much, much longer this time, to see that uptick.

This is not bad for us. Remember I am in the low rates for a loooong time camp. When the uptick comes, rates will still stay very low for probably at least another 9 months if not for a full year, but they will then grind higher slowly, until they get too high.