A questionable jobs number has given the bond market a questionable reprieve.
Last year's rally barely moved valuations on an after-tax basis, and stocks are still cheap.
The economy's robust health highlights the potential being put at risk by the Fed.
The Fed's campaign to lower long-term yields and increase inflation is a dangerous bait-and-switch.
Geopolitical/military risk is one thing -- and monetary risk is another.
In stocks, a new fastest horse emerges as the reflationary expansion turns inflationary.
The jobs report can only reinforce the Fed's increasing recklessness.
Since the tax cuts, the administration's policy moves have given markets little to cheer.
Despite what the Fed says, forward-looking market-based metrics point to inflation.