The Market Is Pricing in a Garden Variety Correction of 10%

The biggest rallies that you see in the stock market when the yield curve is inverted, they tap out at about 20 to 25% up. The market is pricing in just any old regular year where you have a garden variety correction of 10%. That can't be something that's consistent with the environment we're in right? Raising rates, inflation falling, but growth also slowing. And I still would put my money on the market breaking down. We thought it would trade down to 125. It actually got down to 125 to the pennies Carter would say and the bounce made a lot of sense.

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