current data continues to reflect patchy growth. The top line numbers are strong, but there’s evidence of weakness in some areas. It appears that top income earners are paying a lot more taxes and skewing the totals. But they’re the investors, so these increases in income to some extent generate demand for stocks.
At the same time, strong top line growth will encourage the fed to continue to reduce the amount of money in the banking system through its balance sheet “normalization” program.
See why this data is not good news for stocks.
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