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Today's bond and stock rallies was boosted by Q3's Productivity and Costs report released at 8:30 am. It confirms our view that strong economic growth isn't inflationary if it is driven by productivity growth. Fed officials have been trying to slow the economy down to subdue inflation. Our analysis suggests that they should allow productivity-led growth to flourish because it is the main driver of prosperity while also containing inflation. Productivity boosts real wages, profit margins, and keeps a lid on prices. Productivity is the economy's elixir of life!
Let's review today's upbeat data shown in the following chart:
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