soft payrolls data but no major weakness + powell’s dovish commentary weds + conservative positioning = we do a little risk on
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core pce 3.7% vs 3.4% consensus gdp 1.6% vs 2.5% consensus rates stay higher for longer absent a recession
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structural differences between this cycle and last: + institutional / etf flows - no lockdowns so less people with nothing to do but gamble - weaker low end consumer due to inflation impact - scar tissue: crypto became mainstream and many were burned
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