The Fed's Halo on the S&P 500

The Russell, the small cap has underperformed for quite some relative to the S&P. The New York Fed's weekly economic index is very highly correlated with final sales to domestic. And so underlying demand, if you will, is probably the most important driver of inflation or expected inflation from a demand point of view. Right now it looks like it's actuallying back up at the 1% level. So it's becoming, I'm not saying the Russell's going to off to the races, but maybe that, just in terms of outperform,.

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