Two 1k drops in a month. Asset bubbles everywhere because of lax monetary policy and a general decoupling of stock prices from fundamentals.
Target Corp. collapsing today because of high shipping costs. Costco potentially next. Tech mini-bubble popping. I’m looking at REITs and some BDCs that fell out of favor once the Fed started raising rates. There’s a lot of worrisome data coming out of the labor markets, even while official unemployment is low.
As for that last number… “This labor market pain echoes weakness seen in recent survey data – such as ISM Manufacturing and Empire Fed and this morning we saw Philly Fed’s Business Outlook survey plunge from 17.6 to 2.6 (massively missing expectations of 15.0).”