Patent theory on the back of a napkin

The Fed’s interest rate policy has been accused of not properly accounting for the amounts of fiscal stimulus that have been occurring in recent years, which could impact the current rally and future economic growth.

Two marquee macro reports this week—payrolls and the CPI—offered mixed signals on the economy. Our call for three Fed cuts this year stands. Mixed data signals continue around the globe.

Stocks were down for the week as investors appeared to take some profits and traders parsed Fed Chair Jerome Powell’s Congressional testimony.

Chinese slowdown and OPEC policy have created a massive oil glut