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Waiting For The Fed Report?

So am I. I was hoping to get it posted tonight, but the economic chart service I use is having “issues.” As a result the ETA for this report now looks to be tomorrow afternoon. I apologize for the delay.

I can tell you that the composite liquidity indicator continues to mark time. It had a little surge during the week ended November 30, but that was reversed last week.

Composite Macro Liquidity Indicator Chart - Click to enlarge

The indicator remains essentially rangebound. While most components are negative, massive flows into the US banking system from Europe are continuing. Therefore the seesaw effect where neither stocks nor bonds can make sustained progress, with one only able to rally at the other’s expense, shows no sign of coming to an end.

Stay tuned tomorrow for, as Paul Harvey would say, “The rest… of the story.”

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