Re: The differences between 1929 and Today
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No one with even the slightest of intellectual honesty can deny that the primary engine of price movement in the DJI has been perception about the possibility that the Fed will cut/not cut interest rates for some time now.
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No one with even the slightest of intellectual honesty can deny that a primary engine of equity valuations are interest rate levels.
therefore you'd expect that during part of the late 3rd quarter of the business cycle, interest rate expectations are primary drivers of equity prices.
Barron
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