“We’re In A Global Recession” – Fed’s Clarida Spoils Today’s Economy-Ignoring Surge In Stocks

The Nasdaq 100 has been green for 2020 for a week and the broader Nasdaq Composite got close today as the fantastic five stocks lift the index against all rationality.

Source: Bloomberg

As CALSTRS CIO Ailman noted earlier:

“this market is divorced from reality,” adding – with a frown at its outlier nature, “there’s such a strong bid to this market – particularly in the overnight futures trading – it just doesn’t make any sense.”

And he is right…

Earnings recession…

Source: Bloomberg

Economic recession…

Source: Bloomberg

Employment ‘depression’…

Source: Bloomberg

Health recession…

Source: Bloomberg

But apart from all that, everything is awesome… BTFD!!

On the day, stocks were up…

Nasdaq led the day, Dow Industrials lagged…

Futures show the malarkey best with the late-day dump as Fed Vice-Chair Clarida starting speaking and dared to admit:

“We’re living through the most severe contraction in activity and surge in unemployment that we’ve seen in our lifetimes,”

“It’s important to make sure the rebound is as robust as possible, but can’t minimise that we are in recession.. a global recession.”