NDR Dynamic Allocation Strategy May 2024 Update

Last week’s TFTD (“Not Too Hot, Not Too Cold”) referenced Goldilocks to illustrate the tightrope US markets were walking: an economy slow enough to keep bond bulls happy, but not so slow as might spook equity bulls. This week, we continue the bear theme, courtesy of Ernie Tedeschi, and what might be taken as a public service announcement from the BLS, reminding both policymakers and the investing public of the dangers associated with “rear-view mirror driving”. The BLS benchmark revision is usually too wonky to attract press attention. But this is an election year, so naturally the BLS misplacing 818k jobs was an irresistible opportunity for conspiracy theorizing on the platform formerly called “Twitter”. Read more →