Savings Rate Disparities

If high-consumers (low savers) become as virtuous as low-consumers (high savers), that just means that global demand will decline, and with it, global unemployment will rise. In that case global savings won’t go up. They will go down, since rising unemployment causes income to decline faster than consumption.

Chicago Fed Activity Index Improves In December

The Chicago Fed National Activity Index (CFNAI) was up slightly in December; However December releases are usually revised significantly in subsequent months. We will not be sure of the reading until perhaps March.