Lies, Damned Lies, and Fed Press Conferences. The incessant outpouring of confidence in the future of economic growth in America espoused as reasoning for raising rates (when all around them, signals are collapsing) just got another slap in the face... this time self-inflicted.

The Chicago Fed National Economic Activity Index plunged to -0.26 in May - the biggest drop since August 2016...

The index draws on 85 economic indicators, and only 32 of the 85 monthly individual indicators made positive contributions.

Of course, this should hardly be a surprise...