Today the main focuses are on:
Early signs of recovery in May's US data, including a focus on the way in which inventory excesses of March and April are being addressed by May;
In addition, I highlight the damage the last few months' unthinkably volatile data must be doing to economists' models, and consequently their ability to forecast the recovery. There should be a big warning light flashing above their computers: 'What we're going through is incompatible with the models we've got, the current situation impossible according to their parameters'.
