5 questions about bullish 'resilience' thesis of stocks and the economy

Savita Subramanian highlighted in a Friday note the five most pressing questions investors should be asking about such resilience and its ultimate impact on the stock market and economy."US consumers have structural and cyclical advantages: 85% of US mortgages are fixed, low labor participation and tight immigration spell negotiating power, savings rates have increased since 2008, and real wage growth just inflected positive.

But the VIX has been lower ~20% of the time, and the VIX is not a mean reverting measure - spikes can be followed by years of low volatility like we saw in the mid 90s and from 2005 to 2008," Subramanian said."So far, regional banks, commercial real estate and US sovereign debt have frayed.

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