The August 1982 moment: bear market “bottom” before Fed pivots – if true, new highs coming sooner than most expect

The biggest takeaway for me on events of this week? Convincing and arguably decisive evidence the “bottom is in” — the 2022 bear market is over.

  • this was a big data week, with FOMC, 2Q GDP, housing and PCE (today)
  • a huge miss on GDP, yet markets rally
  • Fed raises +75bp and says focus remains on inflation, yet markets rally
  • Russia turns down gas flow on Nord Stream I, yet markets rally

When bad news doesn’t take down markets, it is time for investors to assess.

Is this a trap driven...

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