CHART OF THE DAY: #Cowbell Conditioned Markets

1. USA’s economy is pricing in another #Quad4 in Q2
2. US inflation peaked in JAN of 2020 at 2.3% headline (year-over-year) and is now deflating
3. US profit growth continued to #slow, pre-virus, in Q4 of 2019

That last point was probably a little lost on people who chased “Credit” asset allocations to their all-time highs only 2 weeks ago… and I’m sure those perma bulls are on their knees begging for PE Powell to ring that cowbell like only a rock star could on Saturday Night Live…