Not sure what the word is but what will be my main interest this year is market reaction to FED policy.
If the FED cuts and the market responds by falling, the FED has lost control and then market participants takeover.
FED policy has driven and saved this market since the GFC.
Covid reinforced control and willingness to do anything to save markets- this market reaction is very similar to Soros depiction of test and reinforcing during a bubble.
It is an election year so we could see willingness to save markets and the old paradigm remain.
Nasdaq up 50 odd percent and manufacturing down for 14 months may be evidence of this.
The Brains Trust - 2024, page-18
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