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OPINION

Today's Session Reveals Sobering Reality

The opinions expressed by columnists are their own and do not necessarily represent the views of Townhall.com.
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AP Photo/Richard Drew

It’s tough sledding in the market today, and even growth names that have exhibited resolve are starting to slip.  I think there are a number of issues at play. The sobering reality maybe the economy is not as strong as expected.  This is not a surprise to me, as the data has been clear.

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Bond yields and the yield curve are both suggesting we should stop talking about transitory inflation and focus on flattening economic growth. 

Take a look at this morning's ISM Services report, which was a big miss.

June ISM Services

June

May

Headline

60.1

64.0

Business Activity

60.4

66.2

New Orders

62.1

63.9

Prices

79.5

80.6

Employment

49.3

55.3

To see the chart, click here.

I think it’s best not to panic, because there are other issues that have nothing to do with fundamentals, including: 

  • Anxiety over the next catalyst
  • Efforts to bring back harsh economic and personal freedom restrictions
  • Bracing for earning season - which will be amazing
  • Bracing for tomorrow's FOMC minutes 

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