More to the point, does it matter? BofA still thinks fire:
The Biggest Picture: US small business labor shortages & wage pressures worst in 50years (Chart2) = we are on cusp of policy pivot from pro-growth to anti-inflation (policy mistake has already happened…>$30tn of global stimulus ending in inflation).
The view: bull case is pandemic ending, bear case is pandemic ending and so is $30tnof emergency policy stimulus; more bearish Wall St positioning reflects concerns reinflation & China (Chart 6)…supports typical year-end rally…we say“sell it”…2022 surprise = rate hikes = +ve volatility, -ve credit, stocks, crypto.