I’m naturally a contrarian, looking for opportunities to take the opposite side of conventional wisdom. But right now it is hard, because the market itself seems to be the contrarian, acting directly against the prevailing Wall Street opinion.
The basic story as I see it is that an overheated economy is pushing up inflation, a hot jobs market is pushing up wages, and the Federal Reserve plans to cool things down by raising rates toward 4% and holding them there for a year.