From SocGen:
The chart below shows the annual change in 12-month forward S&P 500 EPS expectations. This series is based on forward consensus expectations and therefore excludes many of the write-downs and exceptional items that are currently pushing down actual reported profits. It is more akin to operational profits and has never been this negative outside of a recession!
And with this latest chart, in addition to the ones we showed previously, everyone should know exactly the same as what the Fed does, which however isn’t saying much. Because what the Fed knows and what the Fed does, are two entirely unrelated things, with any Fed “action” quite simply a function of what Goldman Sachs tells the Fed to do.
