Euphoria kills economic expansions. The mood on the street now is skepticism, writes Jason DeSena Trennert
The bull market started March 9, 2009, 10 years ago Saturday. The S&P 500 had dropped to a close of 676 in the midst of the financial crisis, 2,072 points or 75% lower than its current 2,748 level.
Given that the Federal Reserve has quintupled the size of its balance sheet in the intervening years, and that the heavy regulatory hand of the Obama administration gave way to a more salubrious attitude toward commerce under President Trump, perhaps the duration and the magnitude of the current bull market shouldn’t surprise us.Chief White House economist Kevin Hassett was right about growth in 2018. Former Obama and Clinton adviser Larry Summers wasn’t.
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