The Fed's Expectation of Cutting Rates Is Wrong

PAL said the expectation that we're going to cut rates is wrong. That's a powerful headwind for stocks, so I expect them to be moving down. But what really stood out this month was the jobs that were added as a result of the birth death model. The government assumed that brand new businesses that they don't even have proof were formed. If those so-called new businesses added 378,000 jobs, that's all the jobs.