
Source and data: Institute for Self Reliance

Source and data: Institute for Self Reliance
Signs that markets are becoming less macro-driven as correlations fall.
Cracks began to emerge in the bullish USD story during February as poor retail sales and plunging services PMI reinforced negative fiscal headlines.
Moral hazard has made the Spanish bank bailout even worse, argues Michael Arold, manager of the Technical Swing investment model.
China’s strategy, Fed inflation targeting, emerging market contagion, end of new stimulus, and the Ukraine conflict were all on our radar last year, and some of them weighed on markets at times in 2023.