Wednesday's Data Dump Sends Mixed Messages to Investors
Dow Jones09-30 22:39
1039 ET - Investors are absorbing mixed messages from the deluge of economic data provided this morning, Northlight Asset Management's Chris Zaccarelli says in a note. The economy is expanding at a good pace but inflation is running too hot, he says. The monthly numbers are too high and rising, but year-over-year figures are improving, Zaccarelli says. That mixture of data shows the Federal Reserve was probably right to raise rates this month, but could hold rates at the next meeting or at least ease their policy plans if the inflation data improves, he says. Zaccarelli expects that a strong earnings season and getting past the midterm elections will break the market out of its current trading range.
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