Market Commentary

Daily reports from our Chief Economic Strategist.

THE FED SURPRISED ALL…THE MOST HAWKISH PIVOT IN YEARS
Heralding one of the most hawkish policy pivots in years, the Federal Reserve said it will double the pace at which it is scaling back purchases of Treasuries and
EQUITIES END MODERATELY LOWER ON GLOBAL CENTRAL BANK FEARS
Wednesday is the conclusion of the FOMC meeting. Most are expecting the Committee will recognize persistently high inflation and will
A MIXED DAY
Equites were mixed but long dated Treasuries sold off. Tapering is about to commence in an environment devoid of
OIL AND THE REOPENING TRADE SURGED
Equites led by the reopening trade surged. Equities are interpreting the Omicron variant will be
A CONFLICTING NOVEMBER JOBS REPORT
November’s jobless data was not an only a surprise but contained a lot of conflicting signals. Headline non-farm payroll creation comes in
NOVEMBER’S JOBS DATA AT 8:30
Led by the “reopening stocks” equities advanced following the biggest back to back selloff since October 2020. Volatility has gripped the
A LATE DAY REVERSAL…PERHAPS THE RESULT OF OMICRON
Equities came under late day selling pressure reversing mid-day gains, perhaps the result of the first confirmed Omicron case in
A HAWKISH FED TESTIMONY
Equities slumped after FRB Chair Powell suggested curbing bond purchases faster than expected. It is now forecasted the Fed would
AN INVERSE OF THE PRIOR DAY…EQUITIES ROSE AND BONDS SANK
I recently re read a 2001 congressional testimony from FRB Chair Greenspan about the then budget surplus and the
WHAT WILL HAPPEN THIS WEEK?
Last Wednesday’s data dump indicated an economy that is accelerating and inflationary pressures that are not transitory. In my view one of the

balanced-tagline