4min chapter

The Macro Trading Floor cover image

Why Is Powell Ignoring "Animal Spirits"

The Macro Trading Floor

CHAPTER

The Risk of Seasonal Adjustments Pulling in the Other Direction

The seasonal adjustment to the component of the retail sales category was at a record high in the time series history. Even if you smooth out on a three month basis and you consider the seasonal adjustments, there has been some rebound. Financial conditions have eased in an incredible way between October and January. Still, you should ask yourself whether central banks will be happy, letting financial conditions lose.

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