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Thursday's round of economic signposts were all pointing down. Retail sales for March fell 0.2 percent. First-time unemployment claims for last week were way up. The PPI - inflation at the wholesale level - actually declined. And, perhaps critically for the Fed, Thursday's University of Michigan consumer confidence numbers also went sharply south to 87.8 after an uptick last month to 91 that suddenly looks like false hope...
...TIME.com: Is this the tipping point for the Fed...
...posted a surprising decline, due mostly to the fact that the cost of energy dropped in March by a record 4 percent. What this means is that not only is the economy very weak, there's no inflationary pressures at all. And without inflationary worries, the Fed really has no justification for not stepping in with a rate...
...Well, there's a positive to this if they think the Fed's going to step in. But this is likely going to throw some cold water on the little bit of strength we've seen in stock prices the last week or so. With retail sales down and consumer sentiment down, the outlook for corporate profits isn't going to be good, and we've really reached a point where bad economic news like this is bad news for everybody, Main Street and Wall Street alike...
...Fed going to move before the May 15 meeting...