Is the Market Still Too Bearish?

Is the market still too bearish? What are your thoughts here? I think we in many ways were sort of in this sweet spot moment of the earnings cycle and the economic cycle where you had tightening which is the change in the discount rate has flowed through asset prices. Growth is still above potential. Output is at high levels. It's just too high, it might be slightly off peak but it's still way too high. The bar isn't even close to where we're going to bottom here because that's what has to happen in order to meet the Fed's mandate and the Fed's not going to give up the mandate. So anyway that's a bit of a long winded answer

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