[quote=pri_dk]
Not trying to be overly pedantic here, but I don’t see current market prices as “right” or “wrong” with regard to macroeconomics – they are just a data point. What can we use to “prove” anything, except data?
[/quote]
Just because something is a piece of data doesn’t mean that it is a valid or relevant piece of data.
My entire point has been that, because huge financial market mispricings occur so frequently, citing current financial market prices is never valid proof of any fundamental or macroeconomic claim.
I agree with the rest of your post but it really has nothing to do with the point I was making.
