AUTHOR
Mick Weinstein
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Was there really ‘pent up demand’ for this?
The middle of this week saw a volatile trading session, with the S&P 500 finishing up about 40 basis points. And then there was Nvidia doing its usual song and dance with the beat-and-raise routine it trots out every quarter.
The tactical USD view moved from neutral to negative as a dovish Fed pivot pressured the currency. Softer labor data and rising expectations of a December rate cut halted the earlier USD recovery and kept it rangebound.
Even in deflationary Japan, the long-term performance edge is tipped in favor of stocks over bonds.