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 500 was virtually unchanged, up +0.2% for the week. It was the same for global indexes, as well. The All Country World Index was up a whopping 11 basis points (+0.11%) for the week.
Our undecided market gets a bit more to chew on this week. CPI-Tuesday (Consumer Price Index) will be immediately followed by Fed Decision-Wednesday as the FOMC likely leaves interest rates alone and repeats what it has been saying for months now about data dependency.
If the Fed stays on message Wednesday, it seems unlikely that the market can contort the Fed’s message more than it already has toward the doves.
Be well,
Mike
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