This week the Federal Reserve cut its short-term interest rate policy by half a percent to 4.75%-5.00%, marking an end to a two-year effort to recoup some of the excesses in Covid stimulus.
Bottom line is it seems prudent not to bet on a soft landing consensus that might only exist in a time with lots of hope, denial, and jobs available everywhere.
Stock prices are up double digits this year, with markets shrugging off the global pandemic and rising inflation. Most fixed-income (bond) indexes are slightly down year-to-date.
