The Fifth Time’s a Charm?

Having utterly failed to arrest Japan’s economic malaise since its inception, will QQE suit up once again now that Japan has officially entered its fifth recession of the past six years?  From

20151115_JAPGDP_0Don’t look for Abe or Kuroda to fall on their swords.  Because, while debasing the yen has obviously done nothing to fix the Japanese economy, it has done wonders for the Nikkei.2015-11-16 NKD v USDJPY daily 0550And, if that story sounds familiar, turn to this morning’s Empire State Manufacturing report from the NY Fed.  The latest miss (-10.74 vs expected -6.34) is the fourth monthly contraction in a row (most since the financial crisis) and the 9th of the past 10 months.

20151116_emp_0Makes it tough to believe the FOMC will really raise rates next month, no?  We’ll see if the “market” views it this way, taking the bad news as good from a Fed intervention standpoint…

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