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Tim Duy

The Market Is Behaving Much Like It Did in the Past

Consistent economic growth is a bigger factor than the Fed's tightening.
No sign of recession.

No sign of recession.

Photographer: Michael Nagle/Bloombergetty Images

The prevailing wisdom these days is that markets are behaving in inexplicable ways.

I have a different view. If the market means U.S. equities, the behavior since the Federal Reserve began this tightening cycle has been very consistent with the behavior of past cycles. It's not sure all that complicated -- it’s about consistent economic growth -- and I am pretty sure fighting it is a losing bet.