Why does the stock market keep going up when earnings growth is negative? “It’s the liquidity, stupid.”

 

US Freight Shipments Fall Below 2014 Level. Answers Emerge

It’s not the consumer.

No Improvement in Corporate Profits Since 2012

The BEA tells us today that Corporate Profits are down 1.1% from a year ago. Profits are below a level reached in 2012.

How Wall Street and the Fed Got 2019 Wrong

Wall Street and the Fed thought there would be two rate hikes in 2019. Instead, the Fed cut rates by 75 basis points.

Central Banks: Balance Sheets: Yardeni

Includes US, ECB, Bank of Japan, and PBOC. Source: Haver Analytics.