A Down Day
It is widely believed the Fed is near the end of its tightening campaign, a campaign that has sent rates logarithmically higher from 0.00% in March 2022 to
It is widely believed the Fed is near the end of its tightening campaign, a campaign that has sent rates logarithmically higher from 0.00% in March 2022 to
Second quarter GDP rose at a 2.4% annualized rate, above the consensus view of 1.8%. The GDP deflator rose at a 2.2% rate, well below the consensus of 3.0% and the core rate was 3.8% also below
Trading was muted yesterday ahead of earnings from two tech mega caps—MSFT and GOOG– and the Fed meeting.
Markets were bifurcated yesterday as both TSLA and NFLX profit reports were disappointing. The NASDAQ dropped about 2.3% and the Dow was up about 0.5%. Markets were also spooked by
The debt ceiling is dominating today’s headlines. House Speak McCarthy has gone on record saying that the limit on the government’s borrowing must be raised this week to avert a
The Fed appears to be splitting into two camps; one to pause and the other not to pause. St. Louis Fed President James Bullard is backing two more interest rate hikes in 2023. His Minneapolis colleague Neel Kashkari says next month is a
Equites were again mixed as all were parsing comments about the prospects of a debt deal and latest Fed speak.
The headlines about the market’s reaction to the debt ceiling debate are conflicting. RBC writes “markets are betting on a rocky end to the debt ceiling debate roiling Washington, but if they are
Equity markets are sanguine about a potential default, believing an eleventh-hour compromise will be made after both sides of the political aisle have attempted to appease their
Yesterday several Fed officials spoke about the economy and the direction of monetary policy. In some regards the comments differed considerably.