February 14, 2018
The economy has marched forward despite devastating fires in California’s wine country and three major hurricanes. While there has been a general inflation in asset prices of all kinds, the markets do not appear to be suffering from the irrational exuberance that has characterized the end of other expansions. In fact, investors are exhibiting worry, uncertainty and caution. As we approach full employment, it isn’t surprising to see job growth start to slow, even with a record 6.2 million job openings.