Powell was sacked and then he wasn’t. The market tumbled but swiftly bounced. It was another day of training markets for disruption. The reality is the ongoing shenanigans are undermining confidence in the Fed ahead of what could be a very testing time for the US economy when Trump policies start to bite.
This week will be about US bonds – watch carefully how the arguments develop as we sit at a new cusp for markets. In stocks it’s about narrative and I can’t help but wonder if we’re about to see a corporate denouement as Tesla does a “deal” to map China to boost its FSD ambitions.
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