Before I discuss the Financial Times piece penned by Larry Summers today titled, “How to Avoid Our own Lost Decade,” and tomorrow’s economic releases, Alan Greenspan answers to continued criticism from Notes From Underground in a recent interview in Newsweek:
Yet as the interview neared its end, his tone belied his agitation. “I am as sensitive as anybody. But criticism doesn’t bother me that much. I know with certainty that two plus two equals four, and I don’t need help to make that judgment.”
Now, let’s look at tomorrow’s economic releases. The closely watched RETAIL SALES is projected to be weak as consensus has the headline down 0.5% and ex-autos and gas the data looks to be up 0.3%. The PPI is also to be released and the headline number is expected to be a tepid 0.2%.