The market touched a new low in October and produced a strong rally for the rest of the month, and this positive performance continued throughout November.
Investors would have done well to follow this advice in August as Jerome Powell, the Federal Reserve Chair, dominated the economic narrative and the movement of the markets.
Alfred Kahn, President Jimmy Carter’s “Inflation Czar”, uttered this phrase in 1978 after he infuriated the president by pointing out the possibility of a recession.