Apex Before The Storm

Powell’s Not-QE may do little more than slow the gangrene spread of recession within the US economy. Today’s China deal could quickly prove to be another “nothingburger” in a year-long process defined much more by disappointment than progress.

Note that despite their happy ride this week, markets are still closed below their all-time highs. So we still need to ask: What’s going to power them higher from here, now that they’ve gotten exactly what they wished for?