Only one domestic assembly plant is idle this week, down from 16 in mid-January. Indeed, confidence increased more in the Great Lakes region, which has borne the brunt of the inventory adjustment, than in any other region of the country. The Federal Reserve Board is also working hard to shore up confidence. The Fed has lowered its target for the fed funds rate by 150 basis points since the beginning of the year, which should ultimately lighten the financial load on highly leveraged households and businesses, maintain demand for housing and other consumer durables, and could convince investors to at least stop selling stocks. Macro Thoroughly covers the U.S. economy and all its major sectors.
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