Cruel Summer

Strange voice are saying
What did they say?
Thinks I can't understand
It's too close for comfort
This heat has got right out of hand
--Bananarama

Regional Fed data increasingly suggest that economic activity is quickly contracting. While this may be alleviating near term price pressure per policymaker goals, it also portends nasty political consequences.

As one respondent from the Texas survey commented, "November can't get here fast enough."