What the Fed, market watchers and me tell you about inflation.

This piece revisits the ideas underlying inflation that we discussed earlier.  It also talks about the Fed model (earnings yields vs bond yields) and the underlying value for the S&P 500. Gotta love it when you say stuff in class and find that some people in the media are talking about the same thing.

Morning markets are frothy, SPY opens up another 10 or so points n oil declines and no more bad news. Apparently, everybody in the US bought Japan or at least nearly $1 billion of ETFs. What does this mean, that investors are suddenly contrarian now and not momentum driven?

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