![]() We are still talking about an inflation rate of 7.7% but the Fed target is 2% and the Fed made it very clear that they are going to keep interest rates higher longer in order to achieve their inflation target. So I do not know that this is the beginning of a major bull market. we were down a little over 25% from January 3 and now since that bottom, we are up about 10% and down a little over 17% from the January all time highs. I think that was the bottom in the bear market. The big question is whether this kind of rally momentum is sustainable? It looks like everything was up yesterday, the growth versus value stocks. But the consumer has a lot of excess savings and even capital spending may hold up reasonably well,” says ED Yardeniof Yardeni Research. ![]() We are already in what I would call a soft landing recessionary environment housing is in a recession and auto sales are probably going to fall into recession. ![]() I do not think we are going to get a hard landing or recession. “I think the Fed is going to pause in the first few months of the next year and see how it all plays out.
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