The S&P 500: There Will Be Blood

The S&P 500/SPX hit a low of around 3,640 in mid-June, roughly a 25% drop from the top. The ultimate bear market bottom could arrive at 3,000 in a base case outcome. The market attempted to rebound but got smacked down by Jerome Powell’s Jackson Hole remarks. The key takeaway from Chair Powell’s speech is that inflation is much more persistent and challenging to deal with than previously expected. Inflation is running hotter than we’ve seen in about 40 years now.

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