The Foul Is Fair Market
“Fair is foul and foul is fair” sounds like a Shakespearean version of “good news is bad news.”
For months now, financial markets have reacted to good news—consumer spending rises! more jobs than expected! wages going up!—as if they were poisoned darts. The reason for this is, of course, because each piece of good news is seen as pushing off the day on which the Fed may cut interest rates.
What if all the sound and fury over interest rates signify nothing?
A comical scene played out across trading desks and newsrooms in …