Investors are waiting with bated breath for the FOMC statement and Janet Yellen's testimony. Unfortunately, no matter what the Fed does or Yellen says today, the Fed is not omnipotent and cannot arrest economic gravity.
Case in point... today's industrial production number which yet again affirms our view that sections of the U.S. economy are already in recession.
Or how about Retail Sales? That too was disappointing.
(...That's just this week's data.)
We've got a 73-page slide deck laying out our view that U.S. economic growth is stalling. Here's a taste:
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But why pay attention to all of this when Janet Yellen is simply going to tell us it's "all good" at 2:30PM ET?