A triple whammy of bad economic news came out on the first Friday of June.A triple whammy wham·my n. pl. wham·mies Slang 1. A supernatural spell for subduing an adversary; a hex: put the whammy on someone. 2. of bad economic news came out on the first Friday First Friday is a city-wide public event that occurs on the first Friday of every month. The events may take on many purposes, including art gallery openings and social networking. of June June: see month. . The unemployment rate for May was released, and it had jumped 0.5 percent over April. The price of oil, meanwhile, jumped $10 a barrel barrel: see English units of measurement. in one day. And the stock market dropped. But the statistics on growth, consumption, and even job loss do not suggest that we are in a recession. We have never had a recession when monetary policy has been as loose, and taxes as low, as they are now. Many indicators, on the other hand, point to inflation, especially the weak dollar. The stock market may have fallen not because of the other two pieces of news but because they might keep the Fed from tightening money. The Federal Reserve, like our policymakers generally, is targeting the wrong problem. |
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