This is a perilous time for the world. The best explanation for stocks’ rally is that investors somehow don’t get that.

Which is alarming.

Why is there so much talk of recession when fewer people are claiming unemployment insurance in the U.S. than at all other times since 1970?

Why are corporate credit spreads so tight when at all other times that interest rates are rising, they have widened?

Why are emerging markets investments performing so badly when at all other times, strong commodity prices have helped them?

Why have stocks risen, and bond prices fallen, since the Russian invasion of Ukraine when at other times of war, investors have sheltered in bonds?

Two of the great religious traditions are about to come together for a day. Friday is both Good Friday, when Christians commemorate the crucifixion of Jesus, and the first night of Passover, when Jews commemorate their exodus from Egypt. It’s unusual for the two to fall on the same day, but they did originate on the same day. 

The Last Supper, after which Jesus was betrayed, was a Passover seder — the highly stylized meal that Jews eat to memorialize Moses and the escape from Pharaoh. It involves drinking wine and eating unleavened bread, which became the basis for Christians’ Holy Communion.

John Authers Bloomberg 14 april 2022

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