As Michael Fish would say, don’t panic, there’s no storm coming. But who knows?

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This is the Dow Jones tonight:

Is that a crash? No, I don't think so.

Is that the start of a long overdue correction? It could be.

And if so these things rarely turn out well. This was noted in the FT today:

Gavyn Davies, chairman of Fulcrum Asset Management, says his company’s nowcasts, which combine all available data into an estimate of current economic performance, suggest the world economy is growing at a 4.5 per cent annual pace with advanced economies expanding far above their sustainable rates.

I suspect he many soon find that those rates really were unsustainable after all.