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Takeaway: Whatever the Fed decides to do or say today, this week's industrial production and retail sales data reaffirms our dour US economic outlook.

Don't Hold Your Breath... Fed Can't Fix Broken US Economy - fed forecast crystal ball

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:

CLICK TO WATCH 

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?

Don't Hold Your Breath... Fed Can't Fix Broken US Economy - Yellen data dependent cartoon 11.18.2015