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Stock prices depend on how the economy is doing. Macroeconomic variables reflecting the state of the economy are highly statistically predictable. Thus, stock prices (returns)

Stock prices depend on how the economy is doing. Macroeconomic variables reflecting the state of the economy are highly statistically predictable. Thus, stock prices (returns) should be predictable too, but they are NOT. How can you explain this apparent puzzle with the efficient markets hypothesis?

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