“No persons are more frequently wrong than those who will not admit they are wrong.”
-Author FRANCOIS DUC DE LA ROCHEFOUCAULD
POINTS TO PONDER
1. The Fed’s ultra-easy monetary policy is looking increasingly out-of-phase with the mounting evidence of a healing US economy. The manufacturing version of the Institute of Supply Management (ISM) Purchasing Managers’ Index (PMI) and its employment index have surged while ISM’s service sector index is also showing strong expansion.