Don’t Confuse a Soaring Stock Market for a Roaring Economy - The Stock Market Has Become a Poor Proxy for the U.S. Economy

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Does anybody find it strange that so much of the conversation in the business media these days is focused on slowing economic growth, record amounts of corporate leverage and a possible recession in 2020 while the stock market is in full melt-up mode and flirting with near record highs? Or that the Fed’s expressed concerns of economic headwinds that justified its pivot on monetary policy caused stocks to rocket higher? Or that a yield curve that recently inverted, historically a reliable leading indicator of recession, has been virtually ignored by equity markets?

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