Three Signals From Recent Trends Playing Out Under the Market’s Surface
The rally that began in mid-October stalled last week, as markets have grown more anxious over the outlook for growth in the year ahead. There is an element of irony in that the evidence of ongoing strength in the economy is the very thing that is prompting worries of economic weakness. This is not completely misplaced, given that current elevated wage gains, robust job growth, and resilient consumer-spending trends suggest the Fed’s fight against inflation is not at its end, with a decline in the economy being the collateral damage from further aggressive rate hikes.
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