Pro Macro: In Focus – Passing The Smell Test

Published on: January 15th, 2024

Since the Powell pivot, which engendered the “everything-rally” of Nov and Dec 2023, data has remained mixed. IMHO not weak enough to validate the scale of rate cuts priced into the front end of the US curve but clearly not strong enough to scare a gung-ho market. What to watch and what to do?


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