Inside Markets — Curve Steepening
The yield curve steepening over the last few sessions has decoupled from levels implied by terminal Fed rate expectations.
Inside Markets — Potential Rotation
Following last week’s 50 bp rate cut, the focus shift to growth/employment data.
Inside Markets — Consolidation
With the Fed’s September policy decision now out of the way, we look for longer duration bond prices to spend time consolidating gains.
Inside Markets — 50bp Rate Cut
The Fed policy statement indicated that 50bp rate cut was motivated by improving inflation and evolving risks to employment and inflation.
Inside Markets — Test for the Rotation
The rotation into cyclical/value and small cap stocks started on Friday after former Fed officials and the WSJ’s Nick Timiraos discussed the rationale behind a potential 50bp September rate cut.
Inside Markets — Rotation
Fed anticipation is driving an ongoing rotation into the cyclical/value sector.
Inside Markets — Gradual Approach
Yesterday’s strong Tech rally followed comments from NVDA CEO Jensen Huang who discussed a trend toward densification and data center acceleration at a sell-side industry conference.
Inside Markets — Bearish Near-Term Bias
We keep a cautious near-term bias into a rolling corporate buyback blackout window that starts Monday and into a seasonally difficult period that usually extends into mid-October.
Inside Markets — ORCL Anecdote, SPX and SOX
ORCL’s earnings call may temporarily shift the AI narrative away from the recent ROI focus and back to large scale capex plans.
Inside Markets — Yield Curve
The yield curve steepening that’s occurred over the last two months has mostly been driven by lower short-end rates.