Still Hot Inflation

S&P 500 closed on a weak note, deferring the late session modest rebound anticipated to today‘s premarket. After all, bonds noticeably pared back theu intraday downswings before the close, and the dollar is in a consolidation, technically with more to go to the downside before its correction runs the course. So, no matter the bad PCE deflator number, stocks are to prove relatively resilient in shaking off the realization that nothing is going to change in the short run as regards the degree of Fed‘s hawkishness. It doesn‘t mean that the Fed would tighten the screws more tightly and immediately though – it‘s that they would seek to err on the side of caution in keeping monetary policy restrictive for longer as I argued was and is their goal in the extensive Monday‘s analysis.

Again, keeping my eyes chiefly on the dollar and long-dated bonds today – risk sentiment in junk bonds should be muted, and commodities with precious metals holding up their daily ground reasonably well. The markets will try hard to look past the inevitable tightening ahead – one that got dialed up a notch in hawkishness in spite of the dollar not yet realizing so. Looking for a daily breeze without outsized moves overall – all within the context of the S&P 500 bear market.

Today‘s analysis has been one of those relatively shorter ones – keep enjoying the lively Twitter feed serving you all already in, which comes on top of getting the key daily analytics right into your mailbox. Plenty gets addressed there, but the analyses (whether short or long format, depending on market action) over email are the bedrock, so make sure you‘re signed up for the free newsletter and that you have Twitter notifications turned on so as not to miss any tweets or replies intraday.

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All essays, research and information represent analyses and opinions of Monica Kingsley that are based on available and latest data. Despite careful research and best efforts, it may prove wrong and be subject to change with or without notice. Monica Kingsley does not guarantee the accuracy or thoroughness of the data or information reported. Her content serves educational purposes and should not be relied upon as advice or construed as providing recommendations of any kind. Futures, stocks and options are financial instruments not suitable for every investor. Please be advised that you invest at your own risk. Monica Kingsley is not a Registered Securities Advisor. By reading her writings, you agree that she will not be held responsible or liable for any decisions you make. Investing, trading and speculating in financial markets may involve high risk of loss. Monica Kingsley may have a short or long position in any securities, including those mentioned in her writings, and may make additional purchases and/or sales of those securities without notice.

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