Another indicator of what the US “recovery” looks like come courtesy of the Chicago Fed National Activity Index.
As can be seen in the chart below, one can only wonder just what recovery the US would have if it did not spend $3 trillion to kickstart the virtuous (or better make that virtual) economic cycle when it did.
And by the looks of facts (and not Tim Geithner spin), the downward inflection point has now arrived.
Next up: another $1-1.5 trillion in monetary stimulus, although admittedly in a form that may be slightly different from the LSAPs we have all grown used to love and expect each and every day at 11:00 am EST.
Submitted by Tyler Durden on 05/29/2011 14:43 -0400
Source: ZeroHedge