I tweeted something on X Friday night that received a lot more attention than I anticipated. It was just a list of things investors were looking at: oil around $100, the 10-year Treasury near 5%, inflation at 3.4%, and another Fed rate hike increasingly imminent. Below that, the S&P 500 was up 0.86 percent. That’s a weird combination.
I have been in this business a longtime, and normally, when you put those ingredients together, investors at least get nervous. This time they didn’t. The VIX fell. Most sectors finished higher. There was no sense of panic, and most investors seemed willing to stay ahead of the Fed.
