While the Federal Reserve aims for - Full Employment...

The Math in the preceding prior 2 commentaries, turns
that Sillyness on its head.

While Producers are simply just Beginning to pass to on
Higher Costs (Reported by EVERY COMPANY during Q3 EPS)...

With the Highest Rate of Change in HIstory for this Ratio...

It's all good.

____________________________________________________

A very rapid drop in productivity despite jobless claims falling
back to pre-pandemic levels...

Again, refuted, dumped on its collective Fed Head.

Total Hours worked continue imploding, not recovering.

____________________________________________________

Real Wages... can't come close to keeping up with Actual Inflation.

Your Dollars Buy Less, Your Government Sponsored Enterprise aka
The Bond Market is being destroyed Brick by perfidious Brick.

It's Ok, no worries as long as the Hoi Polloi don't mind and the First
Abusers continue to make 12.08% gains every month... all will be well.

Just move along and Buy Stocks.

____________________________________________________

It is abundantly clear the Economy -what is left of it, aka the
Equity Markets are guiding Monetary Policy.

Fiscal Policy is a wet donut drowning in cold Java.

The Kleptocrsts in DC are tossing salads and doing effectively - nothing.

This is precisely what the Fed and is Handlers want, desire, and continue
to assure.

____________________________________________________

There remains an inherent Risk of a continuation pattern IF this does not
correct soon.

The Equity Complex achieved a feat so completely remarkable anything is
possible.

NEVER in the history of the Markets have they produced an 18 Day streak with
one actual Pullback, the 2nd doesn't remotely count, it was a few points.

____________________________________________________

IN the face of:

Macro-Economic Data plummeting to the downside

Supply Chain's parked offshore rotting, Shut-Ins, Shut-Downs

Inventories dissolving

Valuations at ALL-TIME HIGHS

Yields backing off due to DC's Instructed Twaddling

____________________________________________________

The Stock Market is the Economy, it is now well below JUNK paper.

And yet it has the potential to continue the surreal rise in the face
of massively deteriorating Global Economic conditions...

____________________________________________________

The Alternate - Never a down Day.

We will see.

- HK








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