Bassanese Bites: Good news is good? – July 11 2022
Week in Review
If ever one wanted confirmation that Wall Street is not priced for recession, last week was it. In a curious twist, equities saw fit to rally mid-week on better than expected surveys of the US manufacturing and services sector, even though this also sent bond yields and the $US higher and likely cemented another 0.75% Fed rate hike later this month. A stronger than expected payrolls report on Friday, however, left the market a little more perplexed – unsure whether to rejoice at economic resilience or fear the Fed’s response.
