I just got the chart below from Scott Grannis, my good friend (and former colleague long ago at Claremont Economics Institute when neither one of us had any gray hair) at Western Asset. Hard to look at this chart and be pessimistic isn’t it?
Last week the growth worriers whined about how growth was slowing so profits will slow. This week they are whining that growth is too strongso interest rates will go up. They just like to be pissy (technical term). Don’t let the growth worriers keep you out of the market.
JR
