The U.S. economy remains at a low growth rate and is not able to generate “escape velocity” on the upside.
After a wild ride in the first quarter, the second quarter is starting within shouting distance of the year’s starting mark.
Stocks have moved well off the lows and the S&P 500 is now within shouting distance of the flatline for the year.
If we are in the midst of a cyclical bear market, it’s of the “non-recession” variety.
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