MacroBusiness
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at 10:00 am on July 5, 2021 | 4 comments
Throughout this year we have seen Wall Street equity strategists make a hash of things. We have seen two narratives dominate:
Good news is bad news as reopening and reflation drive inflation higher and stocks lower which has been wrong. Held most obviously by BofA.
Bad news is good as reopening and reflation drive a temporary spike in inflation that will collapse and continue the stock and commodity rally. Held most obviously by Goldman.
Good news is good news as reopening and reflation drive a temporary spike in inflation that will collapse and reverse the value to growth as commodities crash. Held most obviously by yours truly.