We had a fairly decent monthly employment print this Friday which followed some decent ISM numbers. Based on these survey’s, an argument can be made that the FED has averted (at least prolonged) a near certain recession. Not everybody is convinced, I know I’m not. Aushtan from ECRI is sticking to his call (see “What I’m watching section”) too. I guess the FED doesn’t think so either; otherwise rates wouldn’t be at zero percent while they continue to pump $3B every single day into this economy. If the U.S is not in or near recession, we know that half of the OECD is. This is a very significant statistic that clearly shows that the world economy continues to slow.