Despite our reservations about the durability of the expansion, we have to respect what it has overcome: interest-rate hikes of 425 bps; a nearly 2-year runoff in the Fed’s balance sheet (QT); and a 9-month bear market that began before the expansion reached its 2-year milestone. Even consumer “expectations,” which track the market higher in the early phase of a bull market, never rebounded and are lower now than at the fall-2022 market low.
May
07
2024
Why The Long Faces?
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![Doug Ramsey / Chief Investment Officer & Portfolio Manager](https://leuthold.imgix.net/leutholdgroup.com/site_files/authors/DSC_3768_LR_Doug.jpg?h=150&w=150&fit=crop&fp-y=.15)