Bob Elliott
· Nonconsensus
· April 05, 2026 at 22:06
· ⏱ 2 min read
| Read on Substack ↗
Summary
The author observes a recent market rally but suggests fundamentals remain unchanged, highlighting that the risk of a growth shock from high oil prices seems underpriced. Key economic data on employment and personal spending are upcoming events to watch.
•Markets rallied recently on 'TACO hopes' and quarter-end dynamics, but the author believes not much has fundamentally changed.
•With oil prices near recent highs, the potential for a growth shock appears to be underpriced by the market.
•Key economic data points, including the employment report and personal income and spending, are scheduled for release.