Lots of attention this morning to CPI inflation headlines. Energy running hot on low inventory levels, used cars continue to drift lower in price, shelter costs a mixed bag. IGNORE ALL OF IT. The thing to focus on is the favorite inflation measure often quoted by Fed chair Powell: core PCE... read more →
Aug
23
At the time of writing, the S&P 500 index is in the midst of a nearly 5% pullback from its recent peak on 7/31. Corrections of this sort have been a remarkably frequent occurrence in the history of the stock market. Since January 1928, the S&P 500 index has suffered... read more →
Aug
18
As Rich wrote on Wednesday, this is historically a weak period for equity markets through the end of October, and right on cue the markets are correcting. Of course, this is happening right after excessive optimism once again gripped the market. Sentiment was abysmal in October of 2022 and close... read more →
Aug
10
Fresh data released this morning points to continued progress on the inflation front. According to the Bureau of Labor Statistics (BLS), both the overall Consumer Price Index (CPI) and its core version (which excludes the often-volatile food and energy components) increased by just 0.2% in July, a level that is... read more →