Krugman is a Nobel laureate with a knack for being right and wry. I value him for his thinking and for his rhetoric.

Last year, after an earlier stock market swoon brought on by headlines about the U.S.-China trade conflict, I laid out three rules for thinking about such events. First, the stock market is not the economy. Second, the stock market is not the economy. Third, the stock market is not the economy.

But maybe I should add a fourth rule: The bond market sorta kinda is the economy.

(Paul Krugman, “From Trump Boom to Trump Gloom,” NYTimes, 8-15-19)

(c) 2019 JMN