Investors are paying a massive premium for stocks that have stable earnings growth & are perceived as safer investments (low vol). Returns are usually poor when crowding is this extreme.

Investors are paying a massive premium for stocks that have stable earnings growth & are perceived as safer investments (low vol). Returns are usually poor when crowding is this extreme. pic.twitter.com/d2gzdJAJhr

— Greg (@GS_CapSF) October 4, 2019

Goldman's' "current activity indicator" shows US economic growth of 1.3% for September, BUT ..

.. if you took only SURVEY data, it would show 0.4%.

If you took only hard data? 2.5%

"That’s an unusually large gap," says chief economist Jan Hatzius.

— Carl Quintanilla (@carlquintanilla) October 4, 2019

https://twitter.com/epomboy/status/1180189126206935042

Boston Fed Rosengren Sees Just 1.7% Growth for the Second Half

Boston Federal Reserve President Eric Rosengren thinks the U.S. economy is on track for GDP growth of just 1.7% in the second half of 2019.

Friday’s Jobs Report ‘Leaves Fed Hostage to Market,’ Says Deutsche Bank

The Fed should instead attempt to tamp down rate-cut expectations for its December meeting rather than opting not to cut rates for a third time in as many meetings in late October.