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A stock market rebound makes little sense if a recession is nigh

The proximate cause of this week’s tentative rebound in the S&P 500 appears to have been a pull-back in Treasury yields. Yet their retreat has reflected concerns that the Fed will drive the economy into the ground in an effort to bring down inflation. Accordingly, it’s hard to envisage the stock market recovering much more ground if those worries continue to grow.
John Higgins Chief Markets Economist
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