10 would likely bolster the case for the Fed to continue. "We think we are on the path for a rocky landing for the economy, and next week we will get two pretty big clues as to what it's going to look like," said Steve Chiavraone, head of multi-asset solutions at Federated Hermes, who is holding larger-than-normal allocations in cash and commodities.Ĭonsumer price data has driven huge market moves this year, as surging inflation forced investors to ramp up expectations for Fed rate hikes. Meanwhile, data from BoFA Global Research showed some $62.1 billion flowing into cash in the latest week, the largest inflows since the COVID-19 crash of early 2020, underlining pessimism that has prevailed among many market participants. 12 closing low would mark the fifth time this year that stocks have rallied by 6% or more only to reverse course and plumb fresh depths. Nevertheless, the S&P 500 finished the week with a 4.6% loss, likely burning many bulls that had jumped aboard an October rally that lifted the index more than 8% from its lows. Wall Street's rebound on Friday dissipated some of the gloom that pervaded since the Fed on Wednesday hiked interest rates, while Chairman Jerome Powell said policymakers will likely take rates higher than envisioned in their bid to crush inflation. midterm elections and inflation data that could influence the Federal Reserve's monetary policy. stock rally faces a double-dose of potentially market moving events next week: U.S. Reuters | Washington DC | Updated: 05-11-2022 03:06 IST | Created: 05-11-2022 02:56 IST Representative image Image Credit: Public Domain PicturesĪ sputtering U.S.
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