Stock Salience

December retail sales were dismal, declining 1.2% M-o-M, their worst performance in years. They have since rebounded and January sales were up 0.2%. While there are many possible explanations, including the government shutdown, the near 20% decline in the stock market is at least partly to blame. In the past the stock market generally reflected economic conditions, it now can create them as more and more wealth is in equities.

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