If there are any adults left at the Federal Reserve, today is a wake-up call.
The stock market sold off on good news in the ADP employment report and is now rallying on bad news in the ISM non-manufacturing report. That’s not how a market is supposed to work. It’s one day, sure, but it’s fuel for the many market watchers who believe the Fed has inflated a bubble in stocks.
The Fed needs to take the training wheels off this market and find out if it can ride solo. This is embarrassing.
