Deluge.
The Federal Reserve remains in a holding pattern, circling the airport until a safe runway opens up on which to land the plane, following an absolute deluge of earnings reports and important economic data last week. Stagflation, anyone? Use of this rather scary term that is reminiscent of a 1970s stock slump is probably premature at this point, but the chances of a “worst of both worlds” outcome of simultaneous stubbornly high inflation and rapidly slowing economic growth do appear to have increased a little over the last few weeks.
In terms of last week’s earnings, the market took…
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