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The bears disparaged yesterday's stock market rally claiming that Fed Chair Jerome Powell's speech at the Brookings Institution was hawkish and didn't justify the market's bullish spin. We believe that the bulls correctly perceive that inflation peaked this summer and were relieved to hear Powell say that the Fed might be willing to let inflation subside without pushing the economy into a recession.
Today's batch of economic indicators confirmed our soft-landing scenario for the economy rather than the alternative hard-landing one. Consider the following:
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