The US market is all over the map. Consumer names have been among the worst performers, with retail and consumer staples at the bottom of the return distribution, and technology, semiconductors and biotech at the top. (It should be kept in mind that the violent move upward followed an even more violent move downward; biotech is still trading about 10% lower than its September 1, 2018 level).

This contains important information for the Federal Reserve’s deliberations today and tomorrow (although there is, of course, no guarantee that the magi of the Federal Reserve staff will know how to interpret the handwriting on the wall).

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