It wasn't padded by inventories and didn't benefit from cheap oil.
We just need to avoid an outright earnings contraction to maintain the bull market.

A Nuanced View of Fed Policy Real Money Pro($)

Three elements that shape each member's policy decisions.
The elections could free it from the grip of global finance.
They're just self-promoting ministers of their own portfolios.
And let's inject some truth into the national tax discussion.
The Fed has all the time in the world now.
What does it imply for the economy and housing in general?
Here's what I'm seeing across the bond market.
The Fed cannot save the global economy by itself.

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