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Liquidity matters more than earnings in the short run. The Fed is the most important variable in markets. Always.
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The Federal Reserve is the most important institution in the world for investors to understand. They set the price of money. Everything else follows.
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The Federal Reserve is basically a group of very smart people guessing about the future with slightly better data than the rest of us.
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Time will tell whether inflation continues its recent downtrend into the latter half of 2023 or whether the Fed will need to eventually resume its policy tightening.