Waiting for stocks to correct this year has been like waiting for paint to dry. Ever since the NASDAQ peaked in February, interest has rotated away from the “disruptor” stocks that Robinhood and others had embraced in 2020. That gave the ignored S&P 500 and the Dow a chance to party higher. The talking heads on CNBC have argued that the economy was heading ever higher because the Federal Reserve was going to keep on pumping funds forever.

Of course, forever is a very long time. Many have expressed concern that recent Fed policies of being the backstop for everything have caused very obvious dislocations in inflation and in the value of housing and stocks. When Congress started under Trump and continued under Biden to also pump money into every corner of the economy, there is no model for how all of this will turn out.

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