Similar to the macarena dance and its popular run years ago…it seems being a macro economists is going viral, too. The reason is simple - it’s all about the Federal Reserve as highlighted in my January commentary. The fever pitch attention on the Fed/Inflation/Pivot won’t be changing anytime soon…they are the DJ setting the mood on the dance floor.

US Equity Valuations:
The Buffet Indicator is a measure of stock market valuations and is an overly simplified representation to answer the age old question – are stocks over or under valued. The risk-on euphoria during 2020-21 drove this measure to highly elevated levels similar to the 1999-2000 dot com era.