via Kevin C. Smith, CFA:
The macro data has turned down materially.
It’s too late for a Fed mid-cycle adjustment to keep the expansion going. That ship sailed post 2015.
Add passive excess and valuation ignorance.
Prepare for hard landing.
via Kevin C. Smith, CFA:
The macro data has turned down materially.
It’s too late for a Fed mid-cycle adjustment to keep the expansion going. That ship sailed post 2015.
Add passive excess and valuation ignorance.
Prepare for hard landing.