There is always a Bull market in herd thinking on Wall Street, often allowing Wall Street to dismiss data that may not jibe with the ‘narrative’. Wall Street believes the economy will avoid a recession and the FOMC will cut the Funds rate 4-5 times in 2024. In November a 199,000 jobs were created and the Unemployment Rate fell to 3.7%. Wage growth showed a monthly increase of 0.4% and an increase of 4.0% from a year ago and hours worked ticked higher as well. All of these numbers reflected more strength than expected and clearly were not supportive of the FOMC cutting the Funds rate in...
