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-Scott
Not Much Has Changed
Earnings season officially kicked off last week. JP Morgan and Wells Fargo reported along with others. On their earnings calls, JPM and WFC said that they continue to see a stable economy. Wells Fargo’s CFO confirmed that “not much has changed in the last three weeks” since the Fed lowered rates.
It’s, of course, not surprising that the economy has stayed about the same since the Fed’s action. Monetary policy affects the economy with a lag. But capital markets have been buoyant since rates fell.
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