Popular Strategist Gets Dot-Com Déjà Vu
This time two months ago, the question was: Is it Bear (Stearns) or LTCM?
"It" meant SVB, and so far, the answer is it was LTCM.
Everyday people apparently are worried about their deposits, but because we don't ask them very often, and because the very act of asking might skew the responses, it's hard to take much away from a recent Gallup poll which found that nearly half the country is at least a little concerned about the sanctity of their checking and savings accounts.
What the country do
More data and information seems to add less clarity. Given this backdrop it is getting harder to know what to do…
Sounds like an apt description of the evolving human condition, certainly in my case at any rate.
“There is no evidence that the era of very low natural rates of interest has ended.” Says NY Fed chairman Williams. If true, then long duration stocks and bonds……..
this tech melt-up feels like a rapidly evolving bacteria, a missed dose of antibiotic (fed hike) and things quickly get out of hand and market start to build resistence to further hikes.
Good analogy! Let’s just hope the Fed doesn’t adopt the Big Pharm model of lifelong chronic treatment vs actual cures.
We’ve been madly twiddling every dial and pushbutton we have on this economy for three years now. “We” ( the Fed/executive/legislative/strategists/mgrs etc.) desperately need to just give it a rest and observe the thing until we understand what we actually did to it, rather than keep acting or advising based on some false pretense that “we” have a clue what the economy’s present state actually reflects. We have a car full of drivers grabbing at the steering wheel and a backseat full of folks navigating, and none of them even have a clue whether the steering wheel is still actually connected to anything. Give that prompt to your GPT art generator…
I agree. Stop and access is a good idea. Few will agree, especially among the highly visible. No one actually sees me. I’m nearly 79 and mostly invisible (though I still have a minor gig for a bit of mailbox money). People who imagine their importance and are highly placed on social media feel they must do something, anything, to keep up their rep so they will plod along making and breaking things, the latest “thing” these people engage in. God help those of us who want to pause and catch our breath.
Amen to that