The only administration going back to 1953, or the beginning of Eisenhower’s term, to rival Biden’s were those of John F.
To be sure, judging results that early in a presidency is tricky. In Biden’s case, it’s especially difficult to gauge whether the market was reacting to him specifically or simply continuing to ride the steam locomotive that began in late March 2020 and has shown only sporadic signs of slowing down since.
Congress already had appropriated more than $3 trillion in stimulus and the Federal Reserve had relaxed policy to the loosest point in the central bank’s history.
After all, the S&P 500 is up about 48% from a year ago, and it hasn’t had a meaningful pullback in more than six months.
“For sure, I would get concerned about going too far, too fast,” Hogan said.
“The risk of falling behind is high.