Then we got a slew of secondary data showing a slowdown in manufacturing, both production and orders, and in consumer spending on durable goods, autos and new housing.
Retail sales are on a falling trend, albeit a gentle one.
Finally, on Friday we got the major piece of data-employment. Suddenly that interest rate forecast was trimmed to only 50 bp and maybe just 25 bp. When the end of an interest rate tightening cycle is in sight, stock market investors love it and this time they behaved as would have been predicted-they caused a rally in US equities. The question is whether the interpretation is correct. The supranational organizations, the OECD and IMF, don't think so.