Howdy readers. I'm Phil Rosen, reporting from Manhattan.
Remember the whole "good news is actually bad news" relationship between the economy and markets?
Well, yesterday we learned private sector economic activity clocked in at multi-month highs, which means businesses are gaining momentum.
But stocks dipped on the news because the strength of the data suggests the Fed's interest rate hikes haven't been all that effective — which ups the odds for higher-for-longer rates and more hikes.
Today's Fed minutes release should provide more insight on what's to come in March.
In any case, despite yesterday's sell-off, the swath of persistently-hot data hasn't weighed on markets as much as you'd expect — and that's leading some of Wall Street's heavy hitters to warn that a reckoning is just around the corner.