JIDA - Weekly Market Pulse: This Again?

• The S&P 500 was down 2.2% last week, which, in normal times, would be barely worth a mention. But in today’s speculative market, that qualifies as a correction.
• The first two quarters of this year were a big rebound, but last quarter was a bummer with the emergence of the Delta variant. Until the new variant news hit Friday, markets were starting to confirm the improvement in the economy.
• The economic data released last week was almost uniformly positive. Despite that, we continue to classify the current environment as one of falling growth. That is primarily due to real rates, which are still near their lows of this cycle at -1.07% for the 10-year TIPS.

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