Third Consecutive Rate Rise Approved by Feds
The third consecutive rate rise of 0.75 percentage points approved by the Federal Reserve Bank signaled additional large increases were likely. The move raises the federal funds rate to between 3 and 3.25%, a level last seen in early 2008.
US Raw Steel Production Down From Previous Week
In the week ending 9/17/22, US raw steel production was 1,694,000 net tons at an ACUR of 76.9%, down 1.7 percent from the week ending 9/10/22.
US Drill Rigs Running Up from Previous Week
There were 763 drill rigs running in the US last week, up four rigs from the previous week and up 251 rigs from one year ago.
Drillers had 211 rigs running in Canada, up six rigs from the previous week, up 57 rigs from one year ago.
August LEI Declined
The Conference Board Leading Economic Index (LEI) was released for the month of August. The index declined 0.3% in the month which caused the six-month average to slide to -0.46%, breaching an LEI chart. The index has never been below -0.4% without a recession over the past 60 years.
Overall the August LEI continues to present an economy that is losing momentum. The fact that the six-month change has breached the historical recession threshold does not guarantee that a recession is imminent, but it does signal economic weakness is broadening. That combined with a continued tightening in financial conditions due to aggressive Fed tightening suggests a recession may be harder to avoid. Wells Fargo
News Headlines
Yes, our southern border is still wide open. Last week, illegals were shipped to Martha’s Vineyard, within 48 hours the National Guard had been called in to ship them out. Hypocrisy? You bet. The White House calls these transfers “shameful.” New York mayor Eric Adams describes them as horrific.” Leading Democrats (Marxists) condemn them as “literally human trafficking” and “crimes against humanity.” It doesn’t matter that the federal government has made midnight flights of hundreds, if not thousands, of illegals to the interior of our country. All unannounced. It is a joke with these communists… Rules for thee, but not for me.
Venezuela is deliberately releasing prisoners, among them violent criminals, and has them travel to the US southern border where they walk freely into the interior of the USA. 14 House Republicans have requested homeland security secretary Mayorkas answer questions as the Maduro regime’s decision to empty their prisons at our expense, puts us in grave danger.
“As a result of the Biden administration’s disastrous border policies, it is unknown how many of the violent Venezuelan prisoners have been released into the interior of the US, as identifying Venezuelans with criminal records is nearly impossible unless the individual admits their records to US authorities.”
Mayorkas is a fool and will likely respond with “the border is secure” then you, the American citizen will have to deal with these criminals when they arrive in your neighborhood, village or city.
“MAKE AMERICA GREAT AGAIN”
and
“KEEP AMERICA GREAT”
Have a great weekend…. God bless America!
Buy American made products whenever you can, it’s good for you, good for your friends and neighbors and good for our country.
If you are hiring…try to hire a veteran…. they are loyal, disciplined, hardworking…and they deserve our support.
By the way, if you wish to comment on my rants or offer any other insights you may have, you are encouraged to email me.
TEDDY ROOSEVELT ON IMMIGRANTS IN AMERICA…1907
In the first place, we should insist that if the immigrant who comes here in good faith becomes an American and assimilates himself to us, he shall be treated on an exact equality with everyone else for it is an outrage to discriminate against any such man because of creed, or birthplace, or origin. But this is predicated upon the person’s becoming in every facet an American and nothing but an American. There can be no divided allegiance here. Any man who says he is an American, but something else also, isn’t an American at all. We have room for but one flag, the American flag…We have room for but one language here and that is the English language…and we have room for but one sole loyalty and that is a loyalty to the American people.”
