Rosenberg Soundbites

• Yesterday’s stock market rally was nice but in stark contrast to Friday’s rebound, volume sank right across the board; bond markets are flat-ish; on the data front, Swiss CPI slowed to 0.3% YoY from 1% in March; Bill Miller of Legg Mason fame wrote a column in the FT that is a must read [link]
• No stagflation: This seems to be on everyone’s mind — the return of 1970s-style stagflation but that isn’t likely to happen