Buy the dip, wrote J.P. Morgan’s strategists early this past week. Yes, the U.S. inflation rate just hit 7%, the highest since 1982, back when E.T. was phoning home and the rich kid on my street got a Commodore 64 computer—his old man worked for IBM. J.P. Morgan compares now with late 2018, when rate increases sparked a stock selloff, and the Fed later reversed course.

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