The Source Of The Speculative Bubble

Conclusion

The ADP report was solid. It wasn’t the exciting report some bulls are whispering about though. Personal bankruptcies have been falling. They are half of what they were before the pandemic in 2019. The fiscal stimulus made sure of this. Now, it’s starting to look like the government is overdoing the support. Let’s see if that creates a big sustained rise in inflation. Core PCE is unlikely to get to 3%. That would impact the whole market significantly, not just expensive growth stocks. NFTs are the new shiny object, while meme stocks aren’t as popular as they were 6-8 weeks ago.

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