How crazy is the world that one bad piece of data has us looking for an entirely different set of circumstances in a matter of hours.
Before that data, the market was geared-up for a V-shaped recovery with job growth kicking in strongly in the months to come. A poor December jobs report has pundits doing a 180 degree turn and pleading for more government stimulus. Amazing.
The Fed is looking more and more prescient, predicting a slow, bumpy recovery. That’s exactly what we have and likely will continue to have. It will be a recovery nonetheless. Save the stimulus and be a little patient, Washington.
