by Tyler Durden
In one more example of why we are going to need more-er and open-ended-er QE from the Fed, today's dismal data rolls on.
Industrial Production dropped 1.2% MoM - its largest drop since March 2009
- and missed expectations by the most since December 2008. The market
(expectedly) is unimpressed and stable - fully aware that the Fed's new
infinite QE will simply be expanded to an infinte-er QE should things go
from worse to worse-er. To add more salt to the wound,
Capacity Utilization dropped to its lowest of the year and missed expectations by its most in 16 months.
15x P/E multiples here we come - all supported by moar hockey-stick
growth trajectories, infinity +1 printing, and a status quo who needs
moar commissions. So much for cleanest dirty shirt, eh? It seems 'they
won't come' in our 'if we build it' economy - as factories go quiet from
the over-exuberant mal-investment of channel-stuffers.
http://www.zerohedge.com/news/industrial-production-plunges-most-march-2009
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