The World Has Changed

It's kind of perfect to see markets behaving on Groundhog Day, like they wish we could just wake back up and be back in the 2021 investing landscape all over again. We are not going back anytime soon to that period of monetary paradise. The answer is simply when bad macro data translates into bad earnings at higher credit risks. How many more months of positive job gains are left? That's the game you're playing if you're chasing this rally right now.