2024 Story Is About Policy Lags and No More Fiscal Support
The lags from the most aggressive tightening cycle since the 1980s are slowly starting to kick in
Highlights
Investors embrace the “no-recession” view — pushing stocks higher on sentiment and momentum
But valuations, deteriorating fundamentals, and poor equity market math loom overhead
Lots of disinflationary evidence point to benign inflation prints ahead
No “consumer resilience” in the weekly card spending data
