Could be the market players are looking at this earning season being the "last with the Fed's wind at its back". (??)
They are beating but guiding lower. Interest rates, inflation and throw in a war or two and you have uncertainty.
There is a lot of talk recently that people have got so used to certain companies beating expectations, that now they feel a company who only makes great expectations are total shit unless they super-exceed expectations.
Yes, if you let inflation go uncontrolled and don’t do anything, i.e., raise interest rate, economy won’t be hurt and may still go up. The question is can the US do this?
Or 2%. There are analysts who forecast a core inflation rate of 2% down the road. I suspect it'll be closer to 2% then 15% in a year but 15% makes for a good story.
It's matter of perspective. Here is shadowstats' version. Alternate Inflation Charts (shadowstats.com) Inflation tends to creep. Just do a comparison of your grocery spending between now and last year.