Peak Earnings Growth

Check out the accompanying pdf and chart collection. (1) Q2 marked the peak in GDP and earnings growth. (2) Decelerating gains. (3) S&P 500 has had a V88.8 rebound. (4) Our updated S&P 500 targets for this year and next year: 4300-4700 and 4400-4800. (5) Lower wages up twice as fast as higher wages over the past 24 months. (6) Existing home prices up 24.4% y/y, frustrating would-be buyers. (7) No shortage of price increases. (8) Powell is ready to talk about tapering at next FOMC meeting. (9) ECB on autopilot while awaiting fiscal stimulus. (10) ECB hits 2% inflation target. (11) Inflation remains MIA in Japan.