Secret of Life? Santa delivered. So did the Fed.
I can’t speak for Santa, but Fed Chair Jerome Powell had this to say mid-month after the latest Fed policy meeting. “I think it’s really good to see the progress that we’re making. If you look at the ... six-month measures, you see very low numbers.”
That’s right, what you read was optimism. That tone, coupled with rate-cut projections for 2024 and whatever contribution Santa made, sent the market soaring.
The Nasdaq is now on pace for its best year since 1999. Well and good. But if you zoom out just a little bit and look at the performance of the index over the past two years, you’ll see quite a different story.
I can’t speak for Santa, but Fed Chair Jerome Powell had this to say mid-month after the latest Fed policy meeting. “I think it’s really good to see the progress that we’re making. If you look at the ... six-month measures, you see very low numbers.”
That’s right, what you read was optimism. That tone, coupled with rate-cut projections for 2024 and whatever contribution Santa made, sent the market soaring.
The Nasdaq is now on pace for its best year since 1999. Well and good. But if you zoom out just a little bit and look at the performance of the index over the past two years, you’ll see quite a different story.
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