Wall Street’s delusions persist because their “analysts” keep insisting they know the inner workings of Fed Chairman Jay Powell’s mind, and therefore their optimistic predictions of a return to a bull market are perfectly rational and justifiable. Tom Lee, head of research at Fundstrat, said in a note to clients dated Friday that while the “inflationistas” doubt that October’s softer-than-expected inflation reading can be repeated, Fundstrat sees three reasons the latest inflation report may represent a turning point in the Federal Reserve’s battle to suppress price pressures.
Never get high on your own supply.