I think the market will crash in due course. Not tomorrow or the next day, just when the Trumpian cavalry doesn't arrive and as the Fed tightens and unwinds it's balance sheet.
US unemployment is much higher than 4.4% : they don't count the discouraged and those who aren't participating in the labour market, and under-employment is chronic in any case. A serious tightening of the labour market along the lines of what the official data seems to suggest - you'd see significant wage and salary gains & it would start to show up in inflation.
The data is simply not supportive of the proposition that the US economy is recording healthy growth.
0.7% GDP growth is an environment where the Fed Funds rate is 0.75%....there's no ducking the grim fact that that is an abject number.
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