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Macro: Inflation and Policy

August 22, 2020
August is winding down. The market-moving data is passed.  Most of the high-income countries, with the notable exception of the UK, reported disappointing economic data in recent days. US data was decidedly mixed. On one hand, August manufacturing surveys from the NY and Philadelphia Fed showed a cooling off of activity, there was an unexpected in…
Macro: Inflation and Policy Macro: Inflation and Policy Reviewed by Marc Chandler on August 22, 2020 Rating: 5
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PMIs Shake Investor Confidence

August 21, 2020
Overview: The second disappointing Fed manufacturing survey report and an unexpected rise in weekly jobless claims helped reverse the disappointment over the FOMC minutes.  Bonds and stocks rallied--not on good macroeconomic news, but the opposite, which underscores the likelihood of more support for longer. News that Pfizer's vaccine may be r…
PMIs Shake Investor Confidence PMIs Shake Investor Confidence Reviewed by Marc Chandler on August 21, 2020 Rating: 5
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FOMC Minutes Spur Profit-Taking

August 20, 2020
Overview: The FOMC minutes depicted a Federal Reserve that appeared to be not quite ready to take fresh initiatives, whether it is yield curve control or changing the composition or quantities of its bond purchases.  This unleashed profit-taking on some of the large moves in equities, the dollar, and gold. The move has carried into today.  Most bo…
FOMC Minutes Spur Profit-Taking FOMC Minutes Spur Profit-Taking Reviewed by Marc Chandler on August 20, 2020 Rating: 5
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Cool Video: TD Ameritrade with Ben Lichtenstein

August 19, 2020
With the dollar continuing to trend lower, it was time to check again with Ben Lichtenstein at TD Ameritrade.  It was a privilege to join him today to discuss the drivers. I sketched out my views that the greenback's two legs, growth and interest rate differentials have been knocked from under it. 
There is a glimmer of hope in some quarters th…
Cool Video: TD Ameritrade with Ben Lichtenstein Cool Video:  TD Ameritrade with Ben Lichtenstein Reviewed by Marc Chandler on August 19, 2020 Rating: 5
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US Equities Outperform but Does Little for the Heavy Greenback

August 19, 2020
Overview:  The S&P 500 and NASDAQ set new all-time highs yesterday, but the continued outperformance of US equities have failed to lend the dollar much support.  It was sold to new lows for the year yesterday against the euro, sterling, the Swedish krona, and the Australian dollar.  Asia Pacific equities were mixed.  China, Taiwan, and Hong Ko…
US Equities Outperform but Does Little for the Heavy Greenback US Equities Outperform but Does Little for the Heavy Greenback Reviewed by Marc Chandler on August 19, 2020 Rating: 5
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