The bond market feels that the FED has no clue about inflationa. Nor does a falling stock market need addressing.
So Longer term in next month to come this will linger as an issue.
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Maybe earnings will take us higher then short at higher levels
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Bond market totally understands Fed. Higher interest rates mean PE compression to Algos. Very simple until earnings growth forecast counteracts it or PEs go too low.
No new paradym. Market corrections and bear markets allowed.