2022 EPS of $240 vs Street $220? S&P 500 likely further rise +200-400bp from ATH here + markets increasingly agreeing with Fed view of "patience on rates"

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STRATEGY: Stocks rallying because incoming data increasingly matching Fed view of "patience on rates"3Q2021 productivity drops to lowest in 40 years: not viewed as inflationary --> proof market moving towards Fed view Productivity in the US (essentially gap between GDP and labor cost change) dropped to the lowest in 40 years, coming in at -5%....

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