There is No Fate…

Written by

There’s a famous quote from Terminator 2: There is no fate but what we make. It seems particularly apt at this stage of the economic/political cycle.

The government reopened, but the news is chock full of important developments including Trump’s countless unforced errors which drive his increasingly fraught future. We’ve known since well before liberation day that the inflation bill would eventually come due. You could say the same about the deportations which are producing labor shortages and driving up costs. How much longer can the K-shaped recovery continue to diverge before we see a reversion to the mean?

Futures are staging a repeat of yesterday, with the overnight ramp job fizzling as we approach the open.