Cumberland Advisors’ Friday, Jun 09, 2023 Week in Review is available online. Our end-of-week update on markets generally features equities, bonds, and trading highlights. Thank you for joining us.

Last week, the report that China’s official Purchase Managers’ Index (PMI) for May came in below expectations was seen as evidence of weakening economic momentum in the second quarter. Investors had expected an uptick, but instead the manufacturing index fell for the second month, to 48.8,…

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