Courtesy of Tiger Beat on the Potomac (thanks Charlie!) morning email thingie, Always-Wrong Larry Kudlow orders some Claim Chowder:
CLIP AND SAVE … LARRY KUDLOW in the White House on Wednesday: “The Congressional Budget Office has just redone its estimates. And after a rough — a predictably rough pandemic contraction in the second quarter, they’re looking for a 21 and a half percent growth rate, sir, in the third quarter. … Which would actually, if it came true, would be the biggest growth quarter in American history, or since the data were compiled.”
Thumbtack that one to the bulletin board, Scissorheads.
The W$J disagrees:
Behind Bond Market’s Stall, Investors See Hard Times Ahead
“Yields on U.S. government bonds have stalled near all-time lows, a sign that investors are anticipating a difficult economic recovery and years of aggressive monetary stimulus. For much of the past month and a half, the yield on the benchmark 10-year U.S. Treasury note has hovered around two-thirds of a percentage point—a shade above its all-time low of around 0.5% set in March.
“Taken together, the low level of the 10-year yield and its stability suggest that bond investors not only hold a dreary economic outlook but also are unusually confident in that perspective, a contrast with the optimism that has carried stocks to their highest levels since early March.”
So we got that working for us. We’re totally eff’ed in the dark.