Editor's Note: Below is an excerpt and chart from today's Early Look written by Hedgeye CEO Keith McCullough. Click here to subscribe.
As a refresher, our American Goldilocks Theme (i.e. both stocks and bonds go up, at the same time) works like this:
- US GDP growth slows from 3% (year-over-year) from its cycle-peak in 2015 to 1% year-over-year
- But it neither accelerates sequentially (quarter-over-quarter) > 2% , nor decelerates below 1%
- The Fed then pivots back to dovish (from currently hawkish), and all is well for the 10% of us
You didn’t get the memo? We’re all killing it because 10% of The People own 85% of financial assets geared to Dovish Fed Asset Reflation (see "Chart of the Day" below for details on that).