To add a little more to our messaging herein that the equity market is historically disconnected from economic reality these days, here’s The Wall Street Journal’s Nick Timiraos quoting from this week’s banks’ earnings calls:
WFC: “Our view of the length and severity of the economic downturn has deteriorated considerably”
JPM: “The recessionary part of this you’re going to see down the road”
Citi: “The pandemic has a grip on the economy and it doesn’t seem likely to loosen…”
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