OPINION: The twin fears spooking investors – the omicron variant and inflation – are overdone. Stocks should proceed higher as more people figure this out, leading to a Santa Claus rally later this month.
The twin fears spooking investors – the omicron COVID strain and inflation – are overdone. Stocks should proceed higher as more people figure this out, leading to a Santa Claus rally later this month.
Want intel on all the news moving markets before the day starts? Sign up for our daily Need to Know newsletter. Hospitalizations in South Africa “are ticking up but not incredibly fast,” agrees William Hanage, an associate professor of epidemiology at Harvard and co-director of its Center for Communicable Disease Dynamics. U.S. health authorities confirm omicron may not be especially lethal. Both the Centers for Disease Control and Prevention and the Minnesota Department of Health describe the first cases found in the U.S. so far as mild.
Inflation There’s are lots of reasons to think inflation fears are overblown. The worry here is that the Federal Reserve is “behind the curve” so it will have to hike rates aggressively, which might kill growth and the bull market. This isn’t going to happen. One sign is that commodity prices and shipping costs have been falling sharply. These are often the leading edge of inflation.
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