When the government pays the Fed on its Treasury holdings the flow ultimately surrenders fixed-rate liabilities for a riskier near-term float.
The golden mean points to an economy on a steady climb with rates that are neither too hot nor cold, rewarding investment while punishing waste.
The noted market historian says earnings are "on fire" and while growth comparisons are getting harder, the post-pandemic world is still in boom mode.
Even before the pandemic, macro news releases were increasingly ignored as the province of "nerds" who didn't understand day-to-day stock moves. Now?