Navarro’s Weekly Market Rap: Reading the Economic Tea Leaves

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Hi. Peter Navarro here and in this market rap for the week ending May 19, 2023, I want to talk a little about the art and craft of forecasting and how you as a Main Street Deplorable can look into the economic crystal ball with some accuracy with just a little more effort reading the financial news.

But first, the numbers: US markets finished basically flat again for the week with little volatility as investors retreated to the sidelines awaiting news of a possible Congressional deal on the debt ceiling.

There is a move now afoot in the financial press to try and spin and spook the Republicans into caving to Biden. We are being force-fed a trickle of warnings turning to a flood emanating from the Biden bureaucracy about how it will be a “catastrophe” and a sharp market sell-off if an agreement isn’t reached.

Memo to Sleepy Joe: The far bigger catastrophe will be if the Republicans don’t succeed in forcing you and your merry band of spendthrifts to significantly reduce spending and the forecasted budget deficit and debt. That catastrophe will come in the form of continued stagflation – slow growth or recession and inflation. So hold fast Speaker and Brother McCarthy. Much is at stake, and MAGA has your back.

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