‘Good’ headline macro news (strong ADP and ISM Services beat) was somewhat trumped by ‘bad’ macro news (inflationary pressures re-accelerating under the hood)… all of which do nothing at all to support The Fed’s ‘easing’ anytime soon (strong jobs and resurgent inflation).
Of course, today was all about Powell and his pals who signaled a ‘hawkish pause’ (despite the market’s very dovish beliefs). June rate-hike odds rose… Source: Bloomberg
Now it gets interesting… Source: Bloomberg With Real Rates positive for the first time since 2019… Source: Bloomberg Powell’s comments did nothing at all to help (unusually): POWELL: SENIOR LOAN SURVEY […]
Read the rest of this story here: www.zerohedge.com
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