What should we make of the markets today? That’s the question on the minds of every market and economic expert out there – and it’s a challenging one. Inflation has dropped to 3% annually, and the labor market is hot. Stocks are up, indicating that investors have priced in the risk of potential recession. However, this leads to a problem highlighted by Piper Sandler’s chief strategist, Michael Kantrowitz. He points out that estimates for forward earnings are not keeping up with the positive sent