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Michael Hartnett at BofA with his latest.
Heard on the Street: “Bear markets are meant to torture& torment youand this oneain’t disappointing anyone.
“Tale of the Tape:2-year Treasury yield at new high 4.7% (was <0.3% in 2020); it’s easy to pivot when unemployment 8% & inflation 3%…much harder to pivot when inflation 8% & unemployment 3%; recession/credit needed to end tightening, start bull market; nibble at SPX 36k, bite at 33k, gorge at 30k, targeting Big Low in March/April/May.
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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