Monday Macro – more observations on US corporate earnings, Robeco on investing in inflation and Canada gets ambitious on immigration

Another shoter macro roundup, reinforcing why I am still bearish, pencilling in another 10 to 15% Worryingly I think the chances of a recession stateside vs slowdown are growing by the day

Photo by Leio McLaren on Unsplash

Are we there yet?

I have already labored this point repeatedly in this newsletter but what happens next to the benchmark S&P 500 index and thus US equities depends hugely on what happens to earnings in the final two quarters of 2022. If you think, like most bottom-up analysts, that corporate earnings will be strong, then …