LOCKED MI2 Chart Point: Reality Bites – Employment

We’ve watched with interest how, in the last few weeks, the market has slowly shifted to our view that US Exceptionalism has peaked. We also noted how this weekend, Bloomberg wrote a story entitled “Misfiring Wall Street Wealth Engine is Anxious Omen for Economy”, in which they picked up on our theme that falling stocks could weigh on consumption. However, they’ve failed to recognise that the whole market and economic setup could be reflexive, predicated on a strong $ and robust growth and outperforming assets, which all look shaky.