We thank Philippa Dunne and Doug Henwood for granting us permission to share the entire commentary below. For information about their excellent research services readers may contact them directly: We want to remind readers that economic growth originates from two separate areas.

Summary

For the last few weeks, we have published commentaries on the monetary policy dilemmas facing the Fed and central banks, the particularly American debt ceiling madness, and bank failures .

Florida’s passage of its law prohibiting the use of central bank digital currencies redefined the definition of money under the Uniform Commercial Code to exclude both US and foreign central bank currencies.

An acceleration of economic activity in the service sector would be most welcome under normal circumstances. It means more employment, more broadly defined growth in America, more absorption of the excess labor force, more closure of the gap between job seekers and job openings, and lots more.…

I remember going with my father to the Memorial Park in Vineland, NJ, to decorate graves. That was 75 years ago. I was about 5. All the veterans’ groups in the town would join in this annual rite.

The Cumberland Advisors Week in Review is a digest of news, commentary, and opinion from our team. These are not revised assessments, and circumstances may have changed in the market from the time of original publication.

I'm pleased to share with you my interview with Ed D’Agostino, Publisher & COO of Global Macro Update. There are also video and audio versions of our conversation available which are linked below. Thank you, David  

“One-month Treasury yields remain stubbornly above the current Fed Funds rate, at 5.53 percent versus 5.08 pct. As we have mentioned previously, this is a very unusual occurrence. From 2002 to 2022, 1-month yields averaged 0.13 percentage points lower than Fed Funds, with a standard deviation of…

The Florida legislature and Governor DeSantis spent the better part of the first two weeks of May jumping at shadows as they passed and signed a bill (SB7054) to prohibit the use of federally sanctioned central bank digital currencies (CBDCs) in Florida as money under Florida’s Uniform…