Markets continued to do extremely well on talk that OPEC members will cap production. I remain skeptical and believe that stocks are overvalued and will follow Oil prices lower.
The Federal Reserve Open Market Committee (FOMC) met this week and continued their post-recession tradition of revising GDP growth downward:
“Members of the committee lowered their overall 2016 GDP expectation to 2.2% from the 2.4% view at its December meeting. The 2017 GDP outlook was also revised lower to 2.1% from 2.2%, while 2018 forecasts remained at 2% growth.”
GDP is revised down 10% and yet the market rises on feeble hopes of more QE or stimulus spending.
THINK QUESTION: Why is 2018 GDP only at 2%?
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