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Wall Street sometimes lives in an upside-down world, where bad news on the economy is viewed as good news…and vice versa.
It reminds me of Bizarro World in the DC comic books that I read as a kid, where black is white, up is down, bad is good, and wrong is right. (I particularly enjoyed the misadventures of “Batzarro, the World’s Worst Detective.”)
We’re seeing this bad-is-good dynamic currently unfold on Wall Street. Last week, we got unexpectedly horrible news on the jobs market that provoked collective gasps of shock in Washington.
But on Wall Street, the bad jobs data provoked cheers. That’s because the negative numbers assuaged fears of rising inflation and a concomitant rise in interest rates.