Sober, historically informed observations are always worth a listen.
This week’s Alpha Trader podcast features hosts Aaron Task and Stephen Alpher speaking with Dr. Lacy Hunt, executive vice president of Hoisington Capital Management. Here is a direct audio link.
As for yesterday’s hot retail sales report (for October), Hunt believes a lot of folks – reading stories about the possibility of bare shelves come Christmas-time – pulled their buying forward. More interesting to him is last week’s plunge in consumer sentiment, with the sub-index of durable goods purchase expectations falling to one of its lowest reads ever. It suggests to him a serious lack of confidence in the economy. He also takes note of the poor approval numbers for the current administration – prints one would never see were there not major economic concerns. See Still bullish on the long bond
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