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    MARKET EDGES

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My inbox is getting berated with uninformed macro wanna be pundits telling me that today's stock market swan dive is the European Central Bankers fault.

Of course, in this business, bad team's point fingers when they are losing - so this emotional response is not a surprise. What is a surprise is that people refuse to respect the math. See the two 10 year charts below that overlay Europe's reality - stagflation.

There is a reason why Paul Volcker raised rates in a stagflationary environment. It's the only way out!
KM