Market Commentary

Daily reports from our Chief Economic Strategist.

A DATA DRIVEN RALLY
An index of home price growth slowed the most on record as Federal Reserve interest rates hikes and lofty prices has decimated
AN UNENDING STRING OF IMPORTANT MOMENTS
This week is the next in what seems like an unending string of important moments for global equity markets. We'll receive policy
A MAJOR FED INFALTION BENCHMARK RELEASED THIS WEEK
This week the PCE is released, the Federal Reserve’s preferred measure of inflation. The Federal Reserve’s speed
MORE HAWKISH FED SPEAK
Equites wiped out moderate gains after hawkish Fed speak with swaps now pricing a 5% peak policy rate in the first half of
TREASURY YIELDS SURGING TO MULTI-YEAR HIGHS
Equites came under pressure as Treasury yields soared to multiyear highs on speculation the Federal Reserve will remain
TOMORROW’S RELEASE OF SEPTEMBER’S CPI DATA
Tomorrow is the release of September’s CPI. At this point this is by far the most important macroeconomic data point on the
THIRD QUARTER EARNINGS SEASON IS ABOUT TO COMMENCE

At the end of the week third quarter earnings season commences. Expectations are extremely low for according to a survey conducted by

A STRONG OVERSOLD ADVANCE

The volatility is intense. US Treasuries rallied as UK gilts surged after the Bank of England said it would buy long dated government

DATA IS CONSISTENTLY SUPRISING ON UPSIDE
The data is consistently surprising on the upside. A closely watched economic indicator that has historically flashed optimism is
AUGUST’S CPI WAS GREATER THAN EXPECTED…
August’s CPI was considerably stronger than anticipated, indicating inflation is firmly embedded in the economy. Most believed

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