During the five-month period from November to March, the S&P rose 24%, reflecting confidence that inflation was finally on the decline, prices could get under control, and interest rates would be reduced.

The stock market is hitting new all-time highs on the expectation of rate cuts in 2024, yet reflationary factors may be emerging that could push back the timing of loosening monetary policy.

In 2014, just before leaving the Federal Reserve, Chairman Ben Bernanke responded to a question about how confident he was in the effectiveness of Quantitative Easing.

“Hell on Two Wheels, Until the E-Bike’s Battery Runs Out.”
In just the last few years, many local communities are coping with a uniquely 21st century moral hazard created by the pandemic: youth on e-bikes.