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No one on Wall Street knows where the economy will go once the pandemic weirdness clears. No one knows if the retail traders driving bizarre, violent stock trading activity are here to stay. Everyone is losing their minds about inflation. Welcome to Wall Street’s summer of anxiety. This is an opinion column. The thoughts expressed are those of the author. See more stories on Insider’s business page.
As summer comes to the United States, the coronavirus is receding, businesses are reopening, and people are going back to work. There are memes everywhere trying to encapsulate the elation of the season – “hot vax summer,” “the new Roaring 20s,” etc.
But on Wall Street, things are a bit darker. Among money men paid to predict the future, this will be the “Summer of Anxiety.”
The peculiar nature of pandemic’s economic recovery has made the next few quarters nearly impossible for even grizzled old-timers on the Street to forecast. Meanwhile, over in the stock market, retail traders stuck at home continue rewarding their favorite stocks for only-Christ-knows-what-reasons and jumping on momentum trades – corporate