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The excellent Micheal Hartnett at BofA maintains the bearish rage.
The Next 3 Meetings: FOMC’s Dec 14th, Feb 1st, Mar 22nd…crashing oil says Fed goes 50/25/0 bps Dec/Feb/Mar, cooling housing says 50/25/25bps, solid credit market says 50/50/25bps, hot labor market 50/50/50bps…lack of Wall St conviction forgivable.
FAQ: “HowQ1 bear consensus of -5-10% SPX & EPS recession wrong?” Answer below.
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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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