It's obvious there's a lot of hand-to-mouth production going on, as businesses are still very wary about undertaking big projects or any sort of new activity for a variety of reasons, some intangible.

At each such turning point since 1960, industrial production has risen notably over the succeeding 12 months. This period is unlikely to be an exception.

The severity of the downturn still hinges on the fate of consumers.

You've got this awkward confluence of a Fed that's getting nearer and nearer to some critical level of rates and an inflation forecast that has been more in doubt or more in play than it has been for some time,

With higher inflation still a tangible threat, officials cannot rule out the possible need to move beyond neutral.

I live from mouth to hand.