![]() “Yes, ‘bear-market rallies’ can see sharp advances that reverse almost immediately, so what we’ve seen over the last two days could be the ultimate head fake,” Maley added. Matt Maley at Miller Tabak, the extreme positive breadth of the recent rebound in stocks is likely something that tells us the rally will take a “breather” for a day or two, but it might not mean that the bounce is over. “Price pressures are set to remain sticky for some time and while the Fed might be closer to smaller incremental hikes than not, playing this via a ‘peak rate’ view is fairly dicey.” “Over the last few sessions, the market was too quick price in the ‘peak rate’ story in markets,” said Bipan Rai, head of North America currency strategy at CIBC. He says another 75-basis-point hike next month is a “done deal.” To Win Thin at Brown Brothers Harriman, the notion of any Fed pivot is just “wishful thinking” as Fed officials remain hawkish. He also echoed comments from his San Francisco counterpart Mary Daly, who downplayed speculation about rate cuts in 2023. In fact, what Wall Street got on Wednesday was a renewal of the unflinching resolve from Fed officials to crush inflation.įed Bank of Atlanta President Raphael Bostic said he favors lifting rates to between 4 per cent and 4.5 per cent by the end of this year, and then keeping the tightening in place. ![]() central bank tilt toward a more moderate bias to prevent a hard landing. For a market plagued by fears about a recession and the Federal Reserve’s struggles to tame high inflation, the rebound from this year’s bottom has maybe gone too far, too fast.įundamentally speaking, nothing has changed that much to make the U.S. ![]() ![]() For many stock traders, it felt just about right that the market would take a breather after the dramatic rally of the past couple of days.Īfter a bounce that started around noon in New York and was attributed to a big options trade, the S&P 500 came back lower again. ![]()
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