I hope that you all had a nice long weekend. Futures are up slightly after the big miss on the Sep job numbers. Over the weekend I read several articles regarding inflation, jobs, the Fed, etc.., and things don’t look all that great. The good news is that firms, especially big firms have adapted to the new normal and have increased productivity by a wide margin. What is not so great is that many of the over five million workers that left work force may not be coming back. It seems that the eighteen months of living with the pandemic forced many to do things differently and one of those things is not to go back to work. If that is the case, the recovery will take a much longer time than previously expected. So will the Fed continue to prop up the markets? Will transitory inflation turn into real inflation? Or worse yet, are we now moving into a stagflationary environment that is the worst of both worlds? We just don’t know the answers at this time and at some point, the market will care.
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