• Michael Hartnett, the chief investment strategist at Bank of America Securities, ran the inflation-adjusted numbers in a note for clients this morning.
• He found that this has been the worst start of the year for the S&P since 1872, the year Jesse James and Cole Younger led their gang to rob a bank in Columbia, Kentucky, and ended up shooting a teller who refused to open the vault.
• At the time, the country was led by President Ulysses S. Grant, a military hero who was not exactly an ace at economic policy. The following year, the country fell into what was then known as the “Great Depression,” which lasted from 1873 to 1879.

Tagged: #Bidenflation