what have we learned over the course of the summer?  (1) the US economy isn�t as fragile as one may have feared a few months ago … I continue to marvel at US nominal GDP, which should clock in at +9% y/y; (2) Corporate America remains in great shape … and is still making a large claim on all of that nominal growth; (3) inflation has meaningfully inflected lower … while it remains a huge and ongoing problem, for the moment both policymakers and stock operators can breathe a bit easier.  I don�t want to go too far with all of this — as I�m not breaking news and it�s not lost on market participants — but, relative to the Fed-induced hard landing fears of Q2, the directional narrative is clearly more balanced today.   
Mark As Read