S&P 5000 looks ‘accident prone’

“Increasingly, we notice evermore analysts neglecting to mention valuations at all in making their cases for the market,”

MarketWatch 7 February 2024


we intend to hold policy at a restrictive level until we’re conident that inflation is moving down sustainably toward our objective.

On August 25, Federal Reserve chair Jay Powell summarised the mood when he said “we are navigating by the stars under cloudy skies”.

The object everyone is searching for is the neutral rate of interest, or R-star for short.  It is the (real) rate that neither buoys nor depresses the economy once temporary shocks have faded away. 

Comment by Englund:

It seems that the present level of interest is not restrictive enough.


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