Not So Transitory After All?

Check out the accompanying pdf and chart collection. (1) Raising S&P 500 EPS by $5 per year through 2023. (2) Five quarterly earnings hooks in a row. (3) Forward earnings at another record high. (4) A long worry list is traditional this time of year. (5) No sign of a peak in August’s PPI. (6) Three broad measures of consumer prices aren’t pretty. (7) Almost $1.5 trillion in reverse repos at the Fed. (8) Bonds are awash in liquidity. (9) Fund flows contradict TINA. (10) Drilling down into the PPI rabbit hole.