In today’s briefing:
- US Financial Markets Embrace a Fed Policy Pivot as Another Game of Chicken Looms Large
US Financial Markets Embrace a Fed Policy Pivot as Another Game of Chicken Looms Large
- US financial markets have become fixated with the timing of interest rate cuts by the Fed, but the arrival of economic weakness does not necessarily guarantee easier monetary policy settings.
- The importance of spending on services has risen over the past four decades and price stickiness displayed for this component of inflation could repeat itself moving forward.
- Price increases since 2020 Q2 have been a major factor behind the sharp recovery in profits, an outcome highly analogous to the inflationary 1970s, involving consequences for equity valuations.
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