ISM Mfg 46.0, Exp. 47.2, Last 46.9

Everything contracting:
- Production
- New orders
- Backlog, inventories,
- Prices , and even
- Employment (48.1, Last 51.4)

The slow-down has worked its way from new orders to prices to backlog and at last to employment

CPI: 3% YoY & MoM only 0.2% (consistent with 2.6% annualized & 2% annualized if averaging last two months)

Many fintwit gurus were caught up in the data volatility, harping on the “higher for longer” narrative. They are slowly realizing the trend is down.

Our view has been that deflationary pressures are underestimated.

Now the crowd will interpret this as “the inflation battle is won” and underestimate the recession risks.

In a few quarters, they will surprised yet again and the narrative will rapidly shift

The securities law does not regard any asset in an of itself a security. Rather it is the process of offering & “circumstances surrounding the sale” that determines a security. The notion that XRP is declared not a security is disingenuous and ridiculous. Their programmatic retail offer was not found a security as it occurred on an exchange (out of their hands). YET they were found violating the securities law in the institutional sale - the most important part of the ruling that the XRP shills won’t discuss to dupe retail buyers one more time.