For Fun, Stock Market as Barometer of Policy Success

By Bill McBride

Note: This is a repeat of a June post with updated statistics and graph.

There are a number of observers who think the stock market is the key barometer of policy success.  My view is there are many measures of success – and that the economy needs to work well for a majority of the people – not just stock investors.

However, for example, Treasury Secretary Steven Mnuchin was on CNBC on Feb 22, 2017, and was asked if the stock market rally was a vote of confidence in the new administration, he replied: “Absolutely, this is a mark-to-market business, and you see what the market thinks.”

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