In fact, as the 'global synchronous recovery' evaporates, US and European economic data has not been so completely decoupled in years... but don't forget, this is the greatest economy in the world.Still, there is one silver lining in all of this... at least America is not as bad as China (which is currently the most economically disappointing nation in the world).

So is America's economic 'death cross' below that of Europe, UK, Japan, and the aggregate world; the beginning of the end of Fed tightening? Or is the only data point that matters still the once-a-month payrolls noise?

This should help - 2018's US Macro data is now the most disappointing since 2004...