Inside Markets — Fed Clarity
The Fed has entered its blackout period ahead of the July 26th FOMC meeting, but former Vice Chair Clarida said it’s reasonable for markets to anticipate a rate cut by next March.
JSC named one of America’s Top RIAs
Jackson Square Capital is pleased to announce that we have been named one of America’s Top RIA’s from Financial Advisor (FA) Magazine.
Inside Markets — Near Term SPX
US equities are mixed with the S&P 500 (SPX) on track for a +2.7% weekly gain. The equal weight S&P 500 (RSP) and Russell 2000 (RTY) are lower after several days of outperformance.
Inside Markets — Disinflation
It’s possible that central banks may be underestimating the potential pace of global disinflation.
Inside Markets — Inflation
Inflation remains top of mind as the initial equity market reaction to today’s CPI print matches our scenario analysis from yesterday’s note.
Inside Markets — CPI Catalyst
Tomorrow’s June CPI report is an important catalyst for markets with consensus looking for a headline number of +3.2%, down from +4% in May.
Inside Markets — Volatility
Friday’s softer non-farm payroll number was the first miss after 14 consecutive months of hotter-than-expected readings.
Inside Markets — Technical Resistance
The S&P 500 (SPX) decelerates on its approach to technical resistance in the 4515-4535 range as the rally shows signs of exhaustion.
Inside Markets — Earnings Yield
Today’s advance in 2-year yields drives the risk free rate beyond the earnings yield on the SPX. Using Bloomberg consensus estimates, the forward earnings yield on the S&P 500 is 4.99% vs. a two-year risk free Treasury that currently yields 5.08%.
Inside Markets — Soft Landing
The soft landing narrative is challenged as weaker factory orders number lead to the first downtick in the US Economic Surprise Index (ESI) in nearly two weeks.