Source: CNBC

“I learned ages ago that the market is a lot smarter than I am. That collection of buyers and sellers out there has more accumulated wisdom than I could ever aspire to and it’s given us a sharp smack across the face. Don’t mess with a market that’s pounding you with its message. The market has made it totally clear to me that I don’t have my eyes open, and if I do, I am not seeing clearly. What is the market telling me that I have missed in my myopic haze? We’re in a recession, right? Or at least we will be early next year. That means, of course, that GDP numbers will be revised down, way down. It means that the numbers we have been looking at are an illusion….The market says that a recession must be creeping into all corners of this economy, and if I had a stronger lens prescription, I would have seen it….The market knows in its wisdom that something insidious is happening with inflation. Those threatened tariffs must be to blame – there will be no resolution and the resulting price escalation is going to create an inflationary skyward spiral….All those cynics who, for years, have predicted the end of the longest bull market in history, have finally been correct.”


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