Is there a global recession as I have stated for the last three months?

Well the US multinationals are telling us there is. Both Apple and Boeing — one consumer, one industrial — have come in with weaker revenue for the Q4 2015 quarter.

It’s the discretionary spending — on new Apple gadget — that shows up (or actually doesn’t show up) as we enter a global recession. And if airlines — flush with cash from lower fuel prices — aren’t reinvesting in new planes, well that is telling.

There are plenty of other stocks soon to report that will give us a better take on the global non-growth story, but these two bellwethers are setting the tone for today’s trading.

So we wait this afternoon for the Federal Reserve to end its two-day meeting. Wait for nothing, the masters behind the worst start to a year for equities, will not take any blame for their actions.

The fact that Janet Yellen & Co. have taken 7.8% or there about out of your retirement nest egg by raising rates in December will mean very little to them.

The Fed will say in the statement that they see concerns over the strengthening dollar and use words such as headwinds and unforeseen challenges, but will do very little to help with your losses.

What may make your losses even worse is they will also say that they continue to see 4 rate hikes this year. They can’t help it. They are delusional.

The Fed can’t move off of its projections for fear of losing what little credibility they have remaining by flip-flopping so soon.

They will take the rate cut back in June perhaps after talking it back in March meeting.