Last week, America learned that a Fed staffer pointed out investors are receiving remarkably little extra compensation for owning stocks instead of bonds, and everyone immediately went back to talking about inflation. Very normal. Very fine.

Last week, America got the sort of economic data that leaves everyone nodding and squinting at the same time. Inflation cooled. Stocks rallied. Then, retail sales unexpectedly fell. The economy spent most of the week telling investors to relax and ended it with a warning about the consumer. The result was modest gains by most major stock market indexes and a small loss in the U.S. Agg.

Last week, America learned payrolls shrank 23,000 in July (versus the 83,000 gain economists expected) and revisions to May and June data erased another 103,000 jobs. Investors heard the news and piled money into stocks anyway, with the confidence of the guy who insists gas-station sushi is safe.

Last week, America opened football training camp and released the first reading of 2Q gross domestic product. Both looked great on paper, neither counts yet, and the real results won't arrive for another month.