Can the Fed Raise Rates With Construction Spending Tanking?

Yes, on the heels of Yellen's Speech at Jackson Hole and Fisher's jawboning a rate increase. They shouldn't (especially so close to the presidential election).

Last month we highlighted the decline in capital investment from American corporations and the consequences for the manufacturing economy. With this morning's terrible manufacturing activity report, we have confirmation that the manufacturing recession is picking up steam (to the downside). At this early stage, investors still have time to adjust their portfolio exposure and reduce risk. We recommend a healthy dose of cash.
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