Quick Takes Are Slow To Give Back
December 18, 2023 Good morning, Markets have moved quickly from pricing in the bearish narrative “higher for longer” during the three months of August through October, to pricing in the bullish narrative “early and often” over the past two months. Meanwhile, since August, the Fed has moved from a tightening bias to a neutral bias. […]
Oof!
December 14, 2023 Good morning, Color me wrong! On Monday, I commented that the market set-up going into yesterday’s FOMC meeting was likely bearish in the belief that participants could not contort an unchanged Fed statement any further than they already had at the November meeting. What I missed was the change in Fed posture […]
Is More Contortion Possible
December 10, 2023 Good morning, Last Friday morning’s big event of the week – November employment data – was mixed and had something for both bulls and bears to argue with. Financial journalists thought last week’s news was good for investors in the soft-landing camp. You wouldn’t know that from looking at market behavior. The S&P […]