Going With the Flow
The Credit Strategist Blog
The S&P 500 is back trading where it did last September when the Fed was still expanding its balance sheet at $120 billion a month, earnings were growing not slowing, the Fed Funds rate was zero compared to 2.25% today, and two-year Treasuries were trading at 0.3% versus over 3.0% now. Over the last year, nobody seems to have gotten any smarter.
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