How can the stock market recover lost territory when so little recovery is visible to the eye (and in the data)? This has been the common theme of more than one conversation in recent weeks.
Two thoughts: 1). Keep in mind that stocks are messy, but overall they typically anticipate what’s going to be (rather than what is) and 2). Besides interest rates, which are visible, the Federal Reserve has unleashed a barrage of stimulative monetary policy tools that are harder to see. For more on these, take a peek at the newsletter attached.