Market Commentary

Daily reports from our Chief Economic Strategist.

WHAT WILL BE THE RAMIFICATIONS OF THE COLLAPSE OF FTX?
What will be the ramifications of the collapse of FTX? Traditionalists believe a currency is only worth its backing, a backing earned by
A RELATIVELY QUIET DAY
Led by technology, equities declined as worries mount that China may tighten COVID curbs after a string of reported deaths. Energy
ONE YEAR AGO…
One year ago, today the NASDAQ 100 closed at an all time. It is now down 31% from this level. According to Bloomberg, this
IS A GEOPOLITCAL PREMIUM ABOUT TO RETURN?
Is a geopolitical premium about to return to the markets? Equities reversed a large part of the gains following the
A RELATIVELY QUIET DAY; PPI AT 8:30
Equites wavered following FRB Vice Chair Brainard statement that it would be “appropriate” for the central bank
HAS INFLATIONARY EXPECTATIONS INCREASED?
As mentioned many times, inflation is a two part dimension…too much money chasing too few goods fearing higher
FED WAS FIRST VIEWED WITH A DOVISH TILT…
As expected the FOMC increased the overnight rate by 75 basis points to a targeted range of 3.75% to 4.0%
JOLTS JOB OPENINGS AND THE FED MEETING
September’s JOLTS Job Openings ended any remote thoughts that the Fed will not increase the overnight rate by 75 bps for a record
WELCOME TO NOVEMBER
October was almost a mirror inverse of September. For the month the S & P advanced about 8.0%. September the S & P declined about
TWO DAY FED MEETING COMMENCES TOMORROW
The two-day FOMC meeting concludes Wednesday. It is expected Fed officials will maintain their resolutely
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