August 1, 2023
Good morning,
Welcome to August and a fond farewell to July, the fifth straight “up” month for the S&P 500 Index. Will August make it six? Perhaps, though any gain or loss for the month is likely to be modest. The distinguishing factor about August is most likely going to be volatility.
Language matters. Particularly the words central bankers choose to use. When they stop saying things like “forward guidance” and start saying things like “data dependent,” it has implications for markets. And in this case, it means greater volatility at every new statistical release.
Be well,
Mike