Loading ...Even with this incredible Wile E. Coyote stock market rally (virus, what virus?), the long bond has smoked the S&P 500 total return YTD… 6% for the former and 3% for the latter! Bonds have more fun!!
The BoC’s Carolyn Wilkins said in a speech today that Canada isn’t at risk of turning into Japan. Too bad because in Japan, real per capita GDP is expanding whereas in Canada, it’s contracting!
So long as you ignore the declines in order backlogs, employment, prices, vendor performance, inventories and net exports, it was just a dandy ISM non-manufacturing report today!
If you believe the ADP number that just came out then you de facto believe that productivity is declining at a 1% annual rate. Great for margins, but since when have fundamentals mattered to equities?