Is the Dovish Fed Decision A Bullish Gamechanger?
Is the Dovish Fed Decision A Bullish Gamechanger? Start a free trial of The Sevens Report.
What’s in Today’s Report:
- Is the Dovish Fed Decision A Bullish Gamechanger?
- What Sectors and Assets Benefit Most from the Surprisingly Dovish Fed?
Futures are modestly higher on continued momentum from yesterday’s surprisingly dovish Fed decision.
Global investors aggressively embraced the idea of global rate cuts as the 10-year yield fell below 4% overnight.
On earnings, they’ve been soft this week and that continued with disappointing ADBE results (stock down 5% pre-market) although that’s not impacting the markets more broadly.
The busy week continues today with a BOE Rate Decision (E: No Change) and an ECB Rate Decision (E: No Change) and markets expect no rate cuts but dovish tones from both central banks. If that’s the reality, it’ll just add more fuel to the dovish rally.
Economically, the key reports today are Jobless Claims (E: 223k) and Retail Sales (E: -0.1%). The Fed’s dovish pivot will overshadow these reports unless they show a sudden deterioration (so spike in claims and drop in retail sales) and barring those results, they shouldn’t move markets.
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