Back to Normal?

(1) Normalizing Fed policy makes sense if business cycle is normal again. (2) Labor market certainly looking more like Old Normal. (3) Will inflation rebound? (4) What if there is more downside to oil and other commodity prices? (5) What if the dollar hasn’t peaked yet? (6) The aggregate profits cycle has run out of gas. (7) The case for none-and-done again, but for next year. (8) Profit margin remains in record territory. (9) Materials sector outperforming despite falling commodity prices. (10) Happy Thanksgiving!