Google ImagesDavid Zervos, chief markets strategist at Jefferies, is a little surprised by the market reaction to recent news. On Friday, we learned that the U.S. economy added 209,000 jobs in July. This number missed estimates but Zervos points out that the three-month, six-month, and 12-month moving averages are 245,000 244,000 and 214,000. “This is an achievement, not a problem,” he writes. We also learned that the U.S. economy expanded 4% in the second quarter and the FOMC’s language barely changed. “Sounds like risk asset bliss right?” asks Zervos in the note, which is titled ‘Why do we call …read more
Source: Business Insider
