Loading ...If US corporate fundamentals are so sound, then why is tangible book value per share down 5% YoY to the lowest level since 2010Q3 — when the S&P 500 was trading south of 1,200? Is the bull market in financial engineering?
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The deflation label was all over the May slate of producer, consumer and import prices. The Cleveland Fed’s 10-year inflation expectation measure has melted to 1.68% from 2.05% a year ago…just shy of the Great Recession lows. Imagine where it goes in the coming downturn.