Think back to the economic set-up at the end in September 2022.
The stock market was down 25% on the year. The latest inflation reading was still well over 8%. Interest rates had shot up. The Fed was raising rates aggressively. A recession was all but consensus.
And why wouldn’t it be?
That’s what the Fed was telling everybody!
Jerome Powell gave a press conference at the time that echoed the dire sentiment in...