* Earlier today latest FOMC minutes released * Once again the weather is blamed for missed expectations, pretending the economy is better than it is * Now the Fed dismiss numbers as inaccurate, because seasonal adjustments are off * Why does the government need to seasonally adjust the numbers * Yearly GDP is the number that matters * Once the numbers begin adjusting the numbers you open the floodgates to manipulation and subjectivity * Wall Street analysts tend to be more optimistic for the first quarter * Studies show that Consumers spend most money in Q4; by the following Q1 consumers are taking a break * Same studies show Q2 is usually stronger * Why does the government have to come back with a new GDP measurement in order to come up with a bigger number? * To come up with low unemployment numbers they find ways to under-calculate the unemployed and count under-employed * Analysts are discounting weak data and expecting eventual rate hikes * The Fed is denying the weak economy not because they want to raise rates, but because they can't admit that their monetary policy has failed * Mixed economic data came out this week * Housing Market Expectation Index dropped from 56 in April to 54 in May - missing estimates for fifth time in 6 months * Housing Starts surged to 6 or 7-year high * Lingering optimism for a recovery * Walmart came in far below estimates, attributing miss to the strong dollar * Walmart is a net importer, so the strong dollar should work in its favor * Big drop in gasoline prices in Q1 did not provide a boost for Walmart because the underlying economy is weak * Los Angeles is the largest city in the country to pass the $15/hr minimum wage * They staggered the increase over 5 years, so adverse effects will not be directly attributed to those who voted for the increased minimum wage * It will be difficult to measure decisions not to hire as a result of the minimum wage * The $15/hr minimum wage makes it illegal to hire low-skilled workers for less, preventing them from gaining skills in order to earn more later * We're hiring at Schiff Gold - If you are interested contact Matthew Malleo 800-465-3160 Our Sponsors:* Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD* Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.comPrivacy & Opt-Out: https://redcircle.com/privacy

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“What did the council decide on item 42?” — answered with the speaker and the moment.

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