Explaining This Market Surge to Clients
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What’s in Today’s Report:
- Explaining This Market Surge To Clients
- Weekly Economic Cheat Sheet: Why Bad Data is Now Bad for Stocks
- Weekly Market Preview: Does the Santa Rally Continue into Year-End?
Futures are modestly higher following a generally quiet weekend of news. The markets continue to digest the Fed’s dovish pivot and continued stock and bond rally.
Fed pushback on the market’s rate cut expectations continued over the weekend as Cleveland Fed’s Mester said markets were “a little bit ahead” of themselves expecting cuts in early 2024.
Economically, the only notable number was German Ifo Business Expectations, which slightly missed estimates.
Today the only notable economic number is the Housing Market Index (E:36) and if there’s weakness in this price index it’ll reinforce that broad inflation is continuing to decline and that will be a general positive for stocks and bonds. Outside of the data, look for Fed officials to continue to push back on market rate cut expectations. But, other than causing some temporary volatility, that shouldn’t impact markets beyond the short term (and won’t derail this rally).
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