The Stock Market Had a Great July. Why August Could Be Tougher

1.06K
97
5

The Stock Market Had a Great July. Why August Could Be Tougher

Barrons2022-07-30

Stocks rallied this past week as investors bet that the Federal Reserve has reached peak hawkishness. That’s wishful thinking.The Dow Jones Industrial Averagerose 3%, the S&P 500index added 4.3%, and ...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

1.06K

Report

Comment（97）

robot1234
·2022-08-01
Stock market rally in focus after best month since 2020: What to know this week. August begins with investors looking to build on gains following the best month for U.S. equity markets since late 2020.In the week ahead, the July jobs report and a continued flood of corporate results will remain top of mind for investors.Friday's employment data is expected to show nonfarm payrolls grew by 250,000 in July, while another 150 companies in the S&P 500 are set to report quarterly results in the coming week. Roughly 56% of names in the index have unveiled figures so far.A sharp rebound for equities in recent weeks comes amid expectations that slowing economic growth may prompt the Federal Reserve to scale back its interest rate hiking cycle in the fall.Last week, the advance estimate for sec
Reply
3
Report
SCLIEW
·2022-08-01
666
Reply
1
Report
Slee49
·2022-08-01
Noted
Reply
1
Report
Bspn
·2022-07-31
Ok
Reply
1
Report
JenneyJJ
·2022-07-31
🤞🏻🤞🏻🙏🏻🙏🏻
Reply
3
Report
IAS
·2022-07-31
Slowing economy is a definite concern
Reply
Like
Report
TheEndIsNear
·2022-07-31
Wah.
Reply
1
Report
GH_82
·2022-07-31
Hope for good sign soon
Reply
1
Report
DarrenTZL
·2022-07-31
Oh no
Reply
1
Report
BoonL
·2022-07-31
Good
Reply
3
Report
RichyRick
·2022-07-31
Good to know
Reply
3
Report
Cclim
·2022-07-31
👍
Reply
2
Report
alv
·2022-07-31
K
Reply
2
Report
MSTAN
·2022-07-31
👌👌
Reply
1
Report
Barbarazhao
·2022-07-31
Ok
Reply
1
Report
SKHan
·2022-07-31
Really
Reply
3
Report
hphoa
·2022-07-31
Ok
Reply
1
Report
Kazren
·2022-07-31
Nice
Reply
4
Report
robot1234
·2022-07-31
El-Erian, Crescenzi Paint Picture of Investors Betting on Fed. Investors are in a gambling mood when it comes to the Federal Reserve. That’s the conclusion one could reach after listening to veteran strategists, Bloomberg Opinion columnist Mohamed El-Erian and Pacific Investment Management Co.’s Anthony Crescenzi, explain market rallies in a week where the Fed raised overnight lending rates and the US economy signaled a recession. The S&P 500 is on track for its best month since November 2020 and the Bloomberg Treasury Index could close July with the biggest gains since the start of the pandemic.Bond market investors are “entertaining the idea that the Fed can’t go far” in raising rates further to stem the fastest inflation in decades, Crescenzi, a portfolio manager and member of the i
Reply
71
Report
K20
·2022-07-31
Okay
Reply
4
Report

Most Discussed

7x24

All

Terms and Conditions·Privacy Policy

Company: TTMF Limited. Tech supported by Xiangshang Yixin.

Email：uservice@ttm.financial

{"i18n":{"language":"en_US"},"data":{"share":"https://ttm.financial/m/news/2255591959?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2022-07-30 10:15","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2255591959","market":"us","top_or_hot":-1,"title":"The Stock Market Had a Great July. Why August Could Be Tougher","media":"Barrons","content":"<div>\n<p>Stocks rallied this past week as investors bet that the Federal Reserve has reached peak hawkishness. That’s wishful thinking.The Dow Jones Industrial Averagerose 3%, the S&P 500index added 4.3%, and ...</p>\n\n<a href=\"https://www.barrons.com/articles/stock-market-news-dow-nasdaq-sp500-51659132219?mod=hp_LEAD_2\">Source Link</a>\n\n</div>\n","source":"lsy1601382232898","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Stock Market Had a Great July. Why August Could Be Tougher</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Stock Market Had a Great July. Why August Could Be Tougher\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-07-30 10:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/stock-market-news-dow-nasdaq-sp500-51659132219?mod=hp_LEAD_2><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Stocks rallied this past week as investors bet that the Federal Reserve has reached peak hawkishness. That’s wishful thinking.The Dow Jones Industrial Averagerose 3%, the S&P 500index added 4.3%, and ...</p>\n\n<a href=\"https://www.barrons.com/articles/stock-market-news-dow-nasdaq-sp500-51659132219?mod=hp_LEAD_2\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":".DJI","symbol_name":"道琼斯","start_time":0,"source_url":"https://www.barrons.com/articles/stock-market-news-dow-nasdaq-sp500-51659132219?mod=hp_LEAD_2","article_id":"2255591959","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2255591959","pubTimestamp":1659147333,"sourceInfo":{"source_id":"lsy1601382232898","name":"Barrons"},"weMediaInfo":null,"summary":"Stocks rallied this past week as investors bet that the Federal Reserve has reached peak hawkishness","collect":0,"end_time":0,"defaultTopTitle":"barrons.com","property":[],"viewcount":null,"language":"en","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"translate_title":"股票市场有一个伟大的七月。为什么八月会更艰难","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9},"content_text":"Stocks rallied this past week as investors bet that the Federal Reserve has reached peak hawkishness. That’s wishful thinking.The Dow Jones Industrial Averagerose 3%, the S&P 500index added 4.3%, and the Nasdaq Composite surged 4.7%. All three had their best months since 2020. Even the premium paid for high-yield bonds over Treasuries narrowed considerably.Yet it was a strange week for celebration. The U.S. economy saw back-to-back quarters of declining real gross domestic product in the first half of 2022, the Fed’s favored measure of inflation remained stubbornly high, and the central bank raised interest rates by another three-quarters of a point, making this one of the fastest hiking cycles of the past 40 years.What did change are expectations for future rate hikes, hinging largely on two sentences from Fed Chairman Jerome Powell’s news conference.“While another unusually large increase could be appropriate at our next meeting, that is a decision that will depend on the data we get between now and then,” he said. “As the stance of monetary policy tightens further, it likely will become appropriate to slow the pace of increases.” Powell even said that interest rates, now at a range of 2.25% to 2.5%, are likely at “neutral,” meaning they are neither accommodative nor restrictive.The market took that message to heart. Six weeks ago, interest-rate futures were pricing in a peak federal-funds rate target range of 3.75% to 4% in early 2023. Today, that peak is implied at 3.25 to 3.5% in December, just a point above the current target. Furthermore, futures pricing now implies two quarter-point rate cuts from February to July 2023. In other words, the market is betting the Fed will slow down the pace of its rate increases by the end of this year, then rapidly switch to easing policy.Powell’s comments about the neutral rate also drew the ire of some well-known economists and investors. Former Treasury Secretary Larry Summers called Powell’s comment on the neutral rate “indefensible,” while Pershing Square’s Bill Ackman unleashed a late-night tweetstorm on the subject. “While 2.25 to 2.25% may be a neutral rate with 2% inflation, it is an extremely accommodative rate with inflation at 9%,” he wrote late on Thursday night, while isolating with Covid-19.The implied rate path also seems highly unlikely—and almost certainly not good for the stock market. For it to develop, the Fed would have to either declare victory in its fight against rising prices—does anyone expect inflation to magically collapse to 2% by year end?—or give up the battle altogether to rescue an economy that is rapidly sinking into recession. So, while the pace of tightening may be moderating and inflation may have peaked—famous last words, we know—it’s far from a green light for investors.Given a slowing economy, still-rising interest rates, and stock and bond indexes at or near short-term overbought levels, it might be time to sell the rally and rebalance into higher-quality or defensive areas.“Credit spreads have continued to pull tighter…on a market narrative that a dovish pivot could be warranted,” wrote Goldman Sachs’ chief credit strategist, Lotfi Karoui, on Thursday. “We disagree, given the likely forward path of inflation, and would continue to fade the rally, using it as an opportunity to cut risk and rotate further up in quality.”It’s too early to declare a Fed pivot and an all-clear for bullish investors. This inflation surge isn’t likely to be tamed that easily.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":9908047324,"gmtCreate":1659309084668,"gmtModify":1676536282875,"author":{"id":"3561596430587504","authorId":"3561596430587504","name":"robot1234","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"hat":"https://static.tigerbbs.com/b0a2963eb37c60c5d6d4a8dbcd266952","crmLevel":6,"crmLevelSwitch":1,"idStr":"3561596430587504","authorIdStr":"3561596430587504"},"htmlText":"Stock market rally in focus after best month since 2020: What to know this week. August begins with investors looking to build on gains following the best month for U.S. equity markets since late 2020.In the week ahead, the July jobs report and a continued flood of corporate results will remain top of mind for investors.Friday's employment data is expected to show nonfarm payrolls grew by 250,000 in July, while another 150 companies in the S&amp;P 500 are set to report quarterly results in the coming week. Roughly 56% of names in the index have unveiled figures so far.A sharp rebound for equities in recent weeks comes amid expectations that slowing economic growth may prompt the Federal Reserve to scale back its interest rate hiking cycle in the fall.Last week, the advance estimate for sec","listText":"Stock market rally in focus after best month since 2020: What to know this week. August begins with investors looking to build on gains following the best month for U.S. equity markets since late 2020.In the week ahead, the July jobs report and a continued flood of corporate results will remain top of mind for investors.Friday's employment data is expected to show nonfarm payrolls grew by 250,000 in July, while another 150 companies in the S&amp;P 500 are set to report quarterly results in the coming week. Roughly 56% of names in the index have unveiled figures so far.A sharp rebound for equities in recent weeks comes amid expectations that slowing economic growth may prompt the Federal Reserve to scale back its interest rate hiking cycle in the fall.Last week, the advance estimate for sec","text":"Stock market rally in focus after best month since 2020: What to know this week. August begins with investors looking to build on gains following the best month for U.S. equity markets since late 2020.In the week ahead, the July jobs report and a continued flood of corporate results will remain top of mind for investors.Friday's employment data is expected to show nonfarm payrolls grew by 250,000 in July, while another 150 companies in the S&P 500 are set to report quarterly results in the coming week. Roughly 56% of names in the index have unveiled figures so far.A sharp rebound for equities in recent weeks comes amid expectations that slowing economic growth may prompt the Federal Reserve to scale back its interest rate hiking cycle in the fall.Last week, the advance estimate for sec","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9908047324","repostId":2255591959,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9908059594,"gmtCreate":1659307720018,"gmtModify":1676536282483,"author":{"id":"4092970777728640","authorId":"4092970777728640","name":"SCLIEW","avatar":"https://static.tigerbbs.com/5da553e4d3d35db75d1caae023ca8a03","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"4092970777728640","authorIdStr":"4092970777728640"},"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9908059594","repostId":2255591959,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9908031293,"gmtCreate":1659300940612,"gmtModify":1676536281292,"author":{"id":"3581993357014262","authorId":"3581993357014262","name":"Slee49","avatar":"https://static.tigerbbs.com/a4a9c556617a3ec3446f5c1c667b4aa0","vip":1,"hat":"https://static.tigerbbs.com/f84d87792f02cf78e80ee34979fd31e5","crmLevel":5,"crmLevelSwitch":1,"idStr":"3581993357014262","authorIdStr":"3581993357014262"},"htmlText":"Noted","listText":"Noted","text":"Noted","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9908031293","repostId":2255591959,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9901765012,"gmtCreate":1659273901536,"gmtModify":1676536279743,"author":{"id":"3582502134655895","authorId":"3582502134655895","name":"Bspn","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3582502134655895","authorIdStr":"3582502134655895"},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9901765012","repostId":2255591959,"repostType":4,"repost":{"id":"2255591959","pubTimestamp":1659147333,"share":"https://ttm.financial/m/news/2255591959?lang=&edition=fundamental","pubTime":"2022-07-30 10:15","market":"us","language":"en","title":"The Stock Market Had a Great July. Why August Could Be Tougher","url":"https://stock-news.laohu8.com/highlight/detail?id=2255591959","media":"Barrons","summary":"Stocks rallied this past week as investors bet that the Federal Reserve has reached peak hawkishness","content":"<html><head></head><body><p>Stocks rallied this past week as investors bet that the Federal Reserve has reached peak hawkishness. That’s wishful thinking.</p><p>The Dow Jones Industrial Averagerose 3%, the S&amp;P 500index added 4.3%, and the Nasdaq Composite surged 4.7%. All three had their best months since 2020. Even the premium paid for high-yield bonds over Treasuries narrowed considerably.</p><p>Yet it was a strange week for celebration. The U.S. economy saw back-to-back quarters of declining real gross domestic product in the first half of 2022, the Fed’s favored measure of inflation remained stubbornly high, and the central bank raised interest rates by another three-quarters of a point, making this one of the fastest hiking cycles of the past 40 years.</p><p>What did change are expectations for future rate hikes, hinging largely on two sentences from Fed Chairman Jerome Powell’s news conference.</p><p>“While another unusually large increase could be appropriate at our next meeting, that is a decision that will depend on the data we get between now and then,” he said. “As the stance of monetary policy tightens further, it likely will become appropriate to slow the pace of increases.” Powell even said that interest rates, now at a range of 2.25% to 2.5%, are likely at “neutral,” meaning they are neither accommodative nor restrictive.</p><p><img src=\"https://static.tigerbbs.com/aee1cf63ce76ac088586635d0db75666\" tg-width=\"956\" tg-height=\"635\" width=\"100%\" height=\"auto\"/></p><p>The market took that message to heart. Six weeks ago, interest-rate futures were pricing in a peak federal-funds rate target range of 3.75% to 4% in early 2023. Today, that peak is implied at 3.25 to 3.5% in December, just a point above the current target. Furthermore, futures pricing now implies two quarter-point rate cuts from February to July 2023. In other words, the market is betting the Fed will slow down the pace of its rate increases by the end of this year, then rapidly switch to easing policy.</p><p>Powell’s comments about the neutral rate also drew the ire of some well-known economists and investors. Former Treasury Secretary Larry Summers called Powell’s comment on the neutral rate “indefensible,” while Pershing Square’s Bill Ackman unleashed a late-night tweetstorm on the subject. “While 2.25 to 2.25% may be a neutral rate with 2% inflation, it is an extremely accommodative rate with inflation at 9%,” he wrote late on Thursday night, while isolating with Covid-19.</p><p>The implied rate path also seems highly unlikely—and almost certainly not good for the stock market. For it to develop, the Fed would have to either declare victory in its fight against rising prices—does anyone expect inflation to magically collapse to 2% by year end?—or give up the battle altogether to rescue an economy that is rapidly sinking into recession. So, while the pace of tightening may be moderating and inflation may have peaked—famous last words, we know—it’s far from a green light for investors.</p><p>Given a slowing economy, still-rising interest rates, and stock and bond indexes at or near short-term overbought levels, it might be time to sell the rally and rebalance into higher-quality or defensive areas.</p><p>“Credit spreads have continued to pull tighter…on a market narrative that a dovish pivot could be warranted,” wrote Goldman Sachs’ chief credit strategist, Lotfi Karoui, on Thursday. “We disagree, given the likely forward path of inflation, and would continue to fade the rally, using it as an opportunity to cut risk and rotate further up in quality.”</p><p>It’s too early to declare a Fed pivot and an all-clear for bullish investors. This inflation surge isn’t likely to be tamed that easily.</p></body></html>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Stock Market Had a Great July. Why August Could Be Tougher</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Stock Market Had a Great July. Why August Could Be Tougher\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-07-30 10:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/stock-market-news-dow-nasdaq-sp500-51659132219?mod=hp_LEAD_2><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Stocks rallied this past week as investors bet that the Federal Reserve has reached peak hawkishness. That’s wishful thinking.The Dow Jones Industrial Averagerose 3%, the S&P 500index added 4.3%, and ...</p>\n\n<a href=\"https://www.barrons.com/articles/stock-market-news-dow-nasdaq-sp500-51659132219?mod=hp_LEAD_2\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.barrons.com/articles/stock-market-news-dow-nasdaq-sp500-51659132219?mod=hp_LEAD_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2255591959","content_text":"Stocks rallied this past week as investors bet that the Federal Reserve has reached peak hawkishness. That’s wishful thinking.The Dow Jones Industrial Averagerose 3%, the S&P 500index added 4.3%, and the Nasdaq Composite surged 4.7%. All three had their best months since 2020. Even the premium paid for high-yield bonds over Treasuries narrowed considerably.Yet it was a strange week for celebration. The U.S. economy saw back-to-back quarters of declining real gross domestic product in the first half of 2022, the Fed’s favored measure of inflation remained stubbornly high, and the central bank raised interest rates by another three-quarters of a point, making this one of the fastest hiking cycles of the past 40 years.What did change are expectations for future rate hikes, hinging largely on two sentences from Fed Chairman Jerome Powell’s news conference.“While another unusually large increase could be appropriate at our next meeting, that is a decision that will depend on the data we get between now and then,” he said. “As the stance of monetary policy tightens further, it likely will become appropriate to slow the pace of increases.” Powell even said that interest rates, now at a range of 2.25% to 2.5%, are likely at “neutral,” meaning they are neither accommodative nor restrictive.The market took that message to heart. Six weeks ago, interest-rate futures were pricing in a peak federal-funds rate target range of 3.75% to 4% in early 2023. Today, that peak is implied at 3.25 to 3.5% in December, just a point above the current target. Furthermore, futures pricing now implies two quarter-point rate cuts from February to July 2023. In other words, the market is betting the Fed will slow down the pace of its rate increases by the end of this year, then rapidly switch to easing policy.Powell’s comments about the neutral rate also drew the ire of some well-known economists and investors. Former Treasury Secretary Larry Summers called Powell’s comment on the neutral rate “indefensible,” while Pershing Square’s Bill Ackman unleashed a late-night tweetstorm on the subject. “While 2.25 to 2.25% may be a neutral rate with 2% inflation, it is an extremely accommodative rate with inflation at 9%,” he wrote late on Thursday night, while isolating with Covid-19.The implied rate path also seems highly unlikely—and almost certainly not good for the stock market. For it to develop, the Fed would have to either declare victory in its fight against rising prices—does anyone expect inflation to magically collapse to 2% by year end?—or give up the battle altogether to rescue an economy that is rapidly sinking into recession. So, while the pace of tightening may be moderating and inflation may have peaked—famous last words, we know—it’s far from a green light for investors.Given a slowing economy, still-rising interest rates, and stock and bond indexes at or near short-term overbought levels, it might be time to sell the rally and rebalance into higher-quality or defensive areas.“Credit spreads have continued to pull tighter…on a market narrative that a dovish pivot could be warranted,” wrote Goldman Sachs’ chief credit strategist, Lotfi Karoui, on Thursday. “We disagree, given the likely forward path of inflation, and would continue to fade the rally, using it as an opportunity to cut risk and rotate further up in quality.”It’s too early to declare a Fed pivot and an all-clear for bullish investors. This inflation surge isn’t likely to be tamed that easily.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9901492383,"gmtCreate":1659240982042,"gmtModify":1676536276412,"author":{"id":"3573203718015318","authorId":"3573203718015318","name":"JenneyJJ","avatar":"https://static.itradeup.com/news/b13adb37ca4f467841be761d65d844b5","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3573203718015318","authorIdStr":"3573203718015318"},"htmlText":"🤞🏻🤞🏻🙏🏻🙏🏻","listText":"🤞🏻🤞🏻🙏🏻🙏🏻","text":"🤞🏻🤞🏻🙏🏻🙏🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9901492383","repostId":2255591959,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9901564227,"gmtCreate":1659234400769,"gmtModify":1676536275056,"author":{"id":"3576136694569207","authorId":"3576136694569207","name":"IAS","avatar":"https://static.tigerbbs.com/933fbcc1d9c75b4ff82486f8a48a3e7c","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3576136694569207","authorIdStr":"3576136694569207"},"htmlText":"Slowing economy is a definite concern&nbsp;","listText":"Slowing economy is a definite concern&nbsp;","text":"Slowing economy is a definite concern","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9901564227","repostId":2255591959,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9901582766,"gmtCreate":1659233407855,"gmtModify":1676536274785,"author":{"id":"3575543125383677","authorId":"3575543125383677","name":"TheEndIsNear","avatar":"https://community-static.tradeup.com/news/43c33417cfb81703fd159cf506dd1d95","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3575543125383677","authorIdStr":"3575543125383677"},"htmlText":"Wah.","listText":"Wah.","text":"Wah.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9901582766","repostId":2255591959,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9901516378,"gmtCreate":1659232548394,"gmtModify":1676536274522,"author":{"id":"3580944008113043","authorId":"3580944008113043","name":"GH_82","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3580944008113043","authorIdStr":"3580944008113043"},"htmlText":"Hope for good sign soon","listText":"Hope for good sign soon","text":"Hope for good sign soon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9901516378","repostId":2255591959,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9901537862,"gmtCreate":1659231894856,"gmtModify":1676536274326,"author":{"id":"3560567607613117","authorId":"3560567607613117","name":"DarrenTZL","avatar":"https://static.tigerbbs.com/4e79c3a94612422fb2360e26526af474","vip":1,"crmLevel":7,"crmLevelSwitch":0,"idStr":"3560567607613117","authorIdStr":"3560567607613117"},"htmlText":"Oh no","listText":"Oh no","text":"Oh no","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9901537862","repostId":2255591959,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9901596528,"gmtCreate":1659230917364,"gmtModify":1676536274031,"author":{"id":"3587085772867977","authorId":"3587085772867977","name":"BoonL","avatar":"https://static.tigerbbs.com/012e41558d4b99e67191be93d7fb908f","vip":1,"crmLevel":8,"crmLevelSwitch":0,"idStr":"3587085772867977","authorIdStr":"3587085772867977"},"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9901596528","repostId":2255591959,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9901596920,"gmtCreate":1659230832560,"gmtModify":1676536274023,"author":{"id":"3574713327400822","authorId":"3574713327400822","name":"RichyRick","avatar":"https://static.tigerbbs.com/b86ee481aaeabbd2348ddf829e3a56fe","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3574713327400822","authorIdStr":"3574713327400822"},"htmlText":"Good to know&nbsp;","listText":"Good to know&nbsp;","text":"Good to know","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9901596920","repostId":2255591959,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9901598914,"gmtCreate":1659230754138,"gmtModify":1676536273992,"author":{"id":"4090647175999790","authorId":"4090647175999790","name":"Cclim","avatar":"https://static.tigerbbs.com/158afed7eb041df3339f97ac9082e613","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"4090647175999790","authorIdStr":"4090647175999790"},"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9901598914","repostId":2255591959,"repostType":2,"repost":{"id":"2255591959","pubTimestamp":1659147333,"share":"https://ttm.financial/m/news/2255591959?lang=&edition=fundamental","pubTime":"2022-07-30 10:15","market":"us","language":"en","title":"The Stock Market Had a Great July. Why August Could Be Tougher","url":"https://stock-news.laohu8.com/highlight/detail?id=2255591959","media":"Barrons","summary":"Stocks rallied this past week as investors bet that the Federal Reserve has reached peak hawkishness","content":"<html><head></head><body><p>Stocks rallied this past week as investors bet that the Federal Reserve has reached peak hawkishness. That’s wishful thinking.</p><p>The Dow Jones Industrial Averagerose 3%, the S&amp;P 500index added 4.3%, and the Nasdaq Composite surged 4.7%. All three had their best months since 2020. Even the premium paid for high-yield bonds over Treasuries narrowed considerably.</p><p>Yet it was a strange week for celebration. The U.S. economy saw back-to-back quarters of declining real gross domestic product in the first half of 2022, the Fed’s favored measure of inflation remained stubbornly high, and the central bank raised interest rates by another three-quarters of a point, making this one of the fastest hiking cycles of the past 40 years.</p><p>What did change are expectations for future rate hikes, hinging largely on two sentences from Fed Chairman Jerome Powell’s news conference.</p><p>“While another unusually large increase could be appropriate at our next meeting, that is a decision that will depend on the data we get between now and then,” he said. “As the stance of monetary policy tightens further, it likely will become appropriate to slow the pace of increases.” Powell even said that interest rates, now at a range of 2.25% to 2.5%, are likely at “neutral,” meaning they are neither accommodative nor restrictive.</p><p><img src=\"https://static.tigerbbs.com/aee1cf63ce76ac088586635d0db75666\" tg-width=\"956\" tg-height=\"635\" width=\"100%\" height=\"auto\"/></p><p>The market took that message to heart. Six weeks ago, interest-rate futures were pricing in a peak federal-funds rate target range of 3.75% to 4% in early 2023. Today, that peak is implied at 3.25 to 3.5% in December, just a point above the current target. Furthermore, futures pricing now implies two quarter-point rate cuts from February to July 2023. In other words, the market is betting the Fed will slow down the pace of its rate increases by the end of this year, then rapidly switch to easing policy.</p><p>Powell’s comments about the neutral rate also drew the ire of some well-known economists and investors. Former Treasury Secretary Larry Summers called Powell’s comment on the neutral rate “indefensible,” while Pershing Square’s Bill Ackman unleashed a late-night tweetstorm on the subject. “While 2.25 to 2.25% may be a neutral rate with 2% inflation, it is an extremely accommodative rate with inflation at 9%,” he wrote late on Thursday night, while isolating with Covid-19.</p><p>The implied rate path also seems highly unlikely—and almost certainly not good for the stock market. For it to develop, the Fed would have to either declare victory in its fight against rising prices—does anyone expect inflation to magically collapse to 2% by year end?—or give up the battle altogether to rescue an economy that is rapidly sinking into recession. So, while the pace of tightening may be moderating and inflation may have peaked—famous last words, we know—it’s far from a green light for investors.</p><p>Given a slowing economy, still-rising interest rates, and stock and bond indexes at or near short-term overbought levels, it might be time to sell the rally and rebalance into higher-quality or defensive areas.</p><p>“Credit spreads have continued to pull tighter…on a market narrative that a dovish pivot could be warranted,” wrote Goldman Sachs’ chief credit strategist, Lotfi Karoui, on Thursday. “We disagree, given the likely forward path of inflation, and would continue to fade the rally, using it as an opportunity to cut risk and rotate further up in quality.”</p><p>It’s too early to declare a Fed pivot and an all-clear for bullish investors. This inflation surge isn’t likely to be tamed that easily.</p></body></html>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Stock Market Had a Great July. Why August Could Be Tougher</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Stock Market Had a Great July. Why August Could Be Tougher\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-07-30 10:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/stock-market-news-dow-nasdaq-sp500-51659132219?mod=hp_LEAD_2><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Stocks rallied this past week as investors bet that the Federal Reserve has reached peak hawkishness. That’s wishful thinking.The Dow Jones Industrial Averagerose 3%, the S&P 500index added 4.3%, and ...</p>\n\n<a href=\"https://www.barrons.com/articles/stock-market-news-dow-nasdaq-sp500-51659132219?mod=hp_LEAD_2\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.barrons.com/articles/stock-market-news-dow-nasdaq-sp500-51659132219?mod=hp_LEAD_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2255591959","content_text":"Stocks rallied this past week as investors bet that the Federal Reserve has reached peak hawkishness. That’s wishful thinking.The Dow Jones Industrial Averagerose 3%, the S&P 500index added 4.3%, and the Nasdaq Composite surged 4.7%. All three had their best months since 2020. Even the premium paid for high-yield bonds over Treasuries narrowed considerably.Yet it was a strange week for celebration. The U.S. economy saw back-to-back quarters of declining real gross domestic product in the first half of 2022, the Fed’s favored measure of inflation remained stubbornly high, and the central bank raised interest rates by another three-quarters of a point, making this one of the fastest hiking cycles of the past 40 years.What did change are expectations for future rate hikes, hinging largely on two sentences from Fed Chairman Jerome Powell’s news conference.“While another unusually large increase could be appropriate at our next meeting, that is a decision that will depend on the data we get between now and then,” he said. “As the stance of monetary policy tightens further, it likely will become appropriate to slow the pace of increases.” Powell even said that interest rates, now at a range of 2.25% to 2.5%, are likely at “neutral,” meaning they are neither accommodative nor restrictive.The market took that message to heart. Six weeks ago, interest-rate futures were pricing in a peak federal-funds rate target range of 3.75% to 4% in early 2023. Today, that peak is implied at 3.25 to 3.5% in December, just a point above the current target. Furthermore, futures pricing now implies two quarter-point rate cuts from February to July 2023. In other words, the market is betting the Fed will slow down the pace of its rate increases by the end of this year, then rapidly switch to easing policy.Powell’s comments about the neutral rate also drew the ire of some well-known economists and investors. Former Treasury Secretary Larry Summers called Powell’s comment on the neutral rate “indefensible,” while Pershing Square’s Bill Ackman unleashed a late-night tweetstorm on the subject. “While 2.25 to 2.25% may be a neutral rate with 2% inflation, it is an extremely accommodative rate with inflation at 9%,” he wrote late on Thursday night, while isolating with Covid-19.The implied rate path also seems highly unlikely—and almost certainly not good for the stock market. For it to develop, the Fed would have to either declare victory in its fight against rising prices—does anyone expect inflation to magically collapse to 2% by year end?—or give up the battle altogether to rescue an economy that is rapidly sinking into recession. So, while the pace of tightening may be moderating and inflation may have peaked—famous last words, we know—it’s far from a green light for investors.Given a slowing economy, still-rising interest rates, and stock and bond indexes at or near short-term overbought levels, it might be time to sell the rally and rebalance into higher-quality or defensive areas.“Credit spreads have continued to pull tighter…on a market narrative that a dovish pivot could be warranted,” wrote Goldman Sachs’ chief credit strategist, Lotfi Karoui, on Thursday. “We disagree, given the likely forward path of inflation, and would continue to fade the rally, using it as an opportunity to cut risk and rotate further up in quality.”It’s too early to declare a Fed pivot and an all-clear for bullish investors. This inflation surge isn’t likely to be tamed that easily.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9901505872,"gmtCreate":1659230296996,"gmtModify":1676536273858,"author":{"id":"3554847271592222","authorId":"3554847271592222","name":"alv","avatar":"https://static.tigerbbs.com/bb02b26030f8c7529c746ee2157620b3","vip":1,"hat":"https://static.tigerbbs.com/b073a07f77dbe6b3bec6b12311fde6bd","crmLevel":5,"crmLevelSwitch":1,"idStr":"3554847271592222","authorIdStr":"3554847271592222"},"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9901505872","repostId":2255591959,"repostType":4,"repost":{"id":"2255591959","pubTimestamp":1659147333,"share":"https://ttm.financial/m/news/2255591959?lang=&edition=fundamental","pubTime":"2022-07-30 10:15","market":"us","language":"en","title":"The Stock Market Had a Great July. Why August Could Be Tougher","url":"https://stock-news.laohu8.com/highlight/detail?id=2255591959","media":"Barrons","summary":"Stocks rallied this past week as investors bet that the Federal Reserve has reached peak hawkishness","content":"<html><head></head><body><p>Stocks rallied this past week as investors bet that the Federal Reserve has reached peak hawkishness. That’s wishful thinking.</p><p>The Dow Jones Industrial Averagerose 3%, the S&amp;P 500index added 4.3%, and the Nasdaq Composite surged 4.7%. All three had their best months since 2020. Even the premium paid for high-yield bonds over Treasuries narrowed considerably.</p><p>Yet it was a strange week for celebration. The U.S. economy saw back-to-back quarters of declining real gross domestic product in the first half of 2022, the Fed’s favored measure of inflation remained stubbornly high, and the central bank raised interest rates by another three-quarters of a point, making this one of the fastest hiking cycles of the past 40 years.</p><p>What did change are expectations for future rate hikes, hinging largely on two sentences from Fed Chairman Jerome Powell’s news conference.</p><p>“While another unusually large increase could be appropriate at our next meeting, that is a decision that will depend on the data we get between now and then,” he said. “As the stance of monetary policy tightens further, it likely will become appropriate to slow the pace of increases.” Powell even said that interest rates, now at a range of 2.25% to 2.5%, are likely at “neutral,” meaning they are neither accommodative nor restrictive.</p><p><img src=\"https://static.tigerbbs.com/aee1cf63ce76ac088586635d0db75666\" tg-width=\"956\" tg-height=\"635\" width=\"100%\" height=\"auto\"/></p><p>The market took that message to heart. Six weeks ago, interest-rate futures were pricing in a peak federal-funds rate target range of 3.75% to 4% in early 2023. Today, that peak is implied at 3.25 to 3.5% in December, just a point above the current target. Furthermore, futures pricing now implies two quarter-point rate cuts from February to July 2023. In other words, the market is betting the Fed will slow down the pace of its rate increases by the end of this year, then rapidly switch to easing policy.</p><p>Powell’s comments about the neutral rate also drew the ire of some well-known economists and investors. Former Treasury Secretary Larry Summers called Powell’s comment on the neutral rate “indefensible,” while Pershing Square’s Bill Ackman unleashed a late-night tweetstorm on the subject. “While 2.25 to 2.25% may be a neutral rate with 2% inflation, it is an extremely accommodative rate with inflation at 9%,” he wrote late on Thursday night, while isolating with Covid-19.</p><p>The implied rate path also seems highly unlikely—and almost certainly not good for the stock market. For it to develop, the Fed would have to either declare victory in its fight against rising prices—does anyone expect inflation to magically collapse to 2% by year end?—or give up the battle altogether to rescue an economy that is rapidly sinking into recession. So, while the pace of tightening may be moderating and inflation may have peaked—famous last words, we know—it’s far from a green light for investors.</p><p>Given a slowing economy, still-rising interest rates, and stock and bond indexes at or near short-term overbought levels, it might be time to sell the rally and rebalance into higher-quality or defensive areas.</p><p>“Credit spreads have continued to pull tighter…on a market narrative that a dovish pivot could be warranted,” wrote Goldman Sachs’ chief credit strategist, Lotfi Karoui, on Thursday. “We disagree, given the likely forward path of inflation, and would continue to fade the rally, using it as an opportunity to cut risk and rotate further up in quality.”</p><p>It’s too early to declare a Fed pivot and an all-clear for bullish investors. This inflation surge isn’t likely to be tamed that easily.</p></body></html>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Stock Market Had a Great July. Why August Could Be Tougher</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Stock Market Had a Great July. Why August Could Be Tougher\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-07-30 10:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/stock-market-news-dow-nasdaq-sp500-51659132219?mod=hp_LEAD_2><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Stocks rallied this past week as investors bet that the Federal Reserve has reached peak hawkishness. That’s wishful thinking.The Dow Jones Industrial Averagerose 3%, the S&P 500index added 4.3%, and ...</p>\n\n<a href=\"https://www.barrons.com/articles/stock-market-news-dow-nasdaq-sp500-51659132219?mod=hp_LEAD_2\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.barrons.com/articles/stock-market-news-dow-nasdaq-sp500-51659132219?mod=hp_LEAD_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2255591959","content_text":"Stocks rallied this past week as investors bet that the Federal Reserve has reached peak hawkishness. That’s wishful thinking.The Dow Jones Industrial Averagerose 3%, the S&P 500index added 4.3%, and the Nasdaq Composite surged 4.7%. All three had their best months since 2020. Even the premium paid for high-yield bonds over Treasuries narrowed considerably.Yet it was a strange week for celebration. The U.S. economy saw back-to-back quarters of declining real gross domestic product in the first half of 2022, the Fed’s favored measure of inflation remained stubbornly high, and the central bank raised interest rates by another three-quarters of a point, making this one of the fastest hiking cycles of the past 40 years.What did change are expectations for future rate hikes, hinging largely on two sentences from Fed Chairman Jerome Powell’s news conference.“While another unusually large increase could be appropriate at our next meeting, that is a decision that will depend on the data we get between now and then,” he said. “As the stance of monetary policy tightens further, it likely will become appropriate to slow the pace of increases.” Powell even said that interest rates, now at a range of 2.25% to 2.5%, are likely at “neutral,” meaning they are neither accommodative nor restrictive.The market took that message to heart. Six weeks ago, interest-rate futures were pricing in a peak federal-funds rate target range of 3.75% to 4% in early 2023. Today, that peak is implied at 3.25 to 3.5% in December, just a point above the current target. Furthermore, futures pricing now implies two quarter-point rate cuts from February to July 2023. In other words, the market is betting the Fed will slow down the pace of its rate increases by the end of this year, then rapidly switch to easing policy.Powell’s comments about the neutral rate also drew the ire of some well-known economists and investors. Former Treasury Secretary Larry Summers called Powell’s comment on the neutral rate “indefensible,” while Pershing Square’s Bill Ackman unleashed a late-night tweetstorm on the subject. “While 2.25 to 2.25% may be a neutral rate with 2% inflation, it is an extremely accommodative rate with inflation at 9%,” he wrote late on Thursday night, while isolating with Covid-19.The implied rate path also seems highly unlikely—and almost certainly not good for the stock market. For it to develop, the Fed would have to either declare victory in its fight against rising prices—does anyone expect inflation to magically collapse to 2% by year end?—or give up the battle altogether to rescue an economy that is rapidly sinking into recession. So, while the pace of tightening may be moderating and inflation may have peaked—famous last words, we know—it’s far from a green light for investors.Given a slowing economy, still-rising interest rates, and stock and bond indexes at or near short-term overbought levels, it might be time to sell the rally and rebalance into higher-quality or defensive areas.“Credit spreads have continued to pull tighter…on a market narrative that a dovish pivot could be warranted,” wrote Goldman Sachs’ chief credit strategist, Lotfi Karoui, on Thursday. “We disagree, given the likely forward path of inflation, and would continue to fade the rally, using it as an opportunity to cut risk and rotate further up in quality.”It’s too early to declare a Fed pivot and an all-clear for bullish investors. This inflation surge isn’t likely to be tamed that easily.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9901501669,"gmtCreate":1659230080551,"gmtModify":1676536273762,"author":{"id":"4089461104605170","authorId":"4089461104605170","name":"MSTAN","avatar":"https://static.itradeup.com/news/1d0ff53a35c30afecbd1fa0c5ed59f07","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"4089461104605170","authorIdStr":"4089461104605170"},"htmlText":"👌👌","listText":"👌👌","text":"👌👌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9901501669","repostId":2255591959,"repostType":4,"repost":{"id":"2255591959","pubTimestamp":1659147333,"share":"https://ttm.financial/m/news/2255591959?lang=&edition=fundamental","pubTime":"2022-07-30 10:15","market":"us","language":"en","title":"The Stock Market Had a Great July. Why August Could Be Tougher","url":"https://stock-news.laohu8.com/highlight/detail?id=2255591959","media":"Barrons","summary":"Stocks rallied this past week as investors bet that the Federal Reserve has reached peak hawkishness","content":"<html><head></head><body><p>Stocks rallied this past week as investors bet that the Federal Reserve has reached peak hawkishness. That’s wishful thinking.</p><p>The Dow Jones Industrial Averagerose 3%, the S&amp;P 500index added 4.3%, and the Nasdaq Composite surged 4.7%. All three had their best months since 2020. Even the premium paid for high-yield bonds over Treasuries narrowed considerably.</p><p>Yet it was a strange week for celebration. The U.S. economy saw back-to-back quarters of declining real gross domestic product in the first half of 2022, the Fed’s favored measure of inflation remained stubbornly high, and the central bank raised interest rates by another three-quarters of a point, making this one of the fastest hiking cycles of the past 40 years.</p><p>What did change are expectations for future rate hikes, hinging largely on two sentences from Fed Chairman Jerome Powell’s news conference.</p><p>“While another unusually large increase could be appropriate at our next meeting, that is a decision that will depend on the data we get between now and then,” he said. “As the stance of monetary policy tightens further, it likely will become appropriate to slow the pace of increases.” Powell even said that interest rates, now at a range of 2.25% to 2.5%, are likely at “neutral,” meaning they are neither accommodative nor restrictive.</p><p><img src=\"https://static.tigerbbs.com/aee1cf63ce76ac088586635d0db75666\" tg-width=\"956\" tg-height=\"635\" width=\"100%\" height=\"auto\"/></p><p>The market took that message to heart. Six weeks ago, interest-rate futures were pricing in a peak federal-funds rate target range of 3.75% to 4% in early 2023. Today, that peak is implied at 3.25 to 3.5% in December, just a point above the current target. Furthermore, futures pricing now implies two quarter-point rate cuts from February to July 2023. In other words, the market is betting the Fed will slow down the pace of its rate increases by the end of this year, then rapidly switch to easing policy.</p><p>Powell’s comments about the neutral rate also drew the ire of some well-known economists and investors. Former Treasury Secretary Larry Summers called Powell’s comment on the neutral rate “indefensible,” while Pershing Square’s Bill Ackman unleashed a late-night tweetstorm on the subject. “While 2.25 to 2.25% may be a neutral rate with 2% inflation, it is an extremely accommodative rate with inflation at 9%,” he wrote late on Thursday night, while isolating with Covid-19.</p><p>The implied rate path also seems highly unlikely—and almost certainly not good for the stock market. For it to develop, the Fed would have to either declare victory in its fight against rising prices—does anyone expect inflation to magically collapse to 2% by year end?—or give up the battle altogether to rescue an economy that is rapidly sinking into recession. So, while the pace of tightening may be moderating and inflation may have peaked—famous last words, we know—it’s far from a green light for investors.</p><p>Given a slowing economy, still-rising interest rates, and stock and bond indexes at or near short-term overbought levels, it might be time to sell the rally and rebalance into higher-quality or defensive areas.</p><p>“Credit spreads have continued to pull tighter…on a market narrative that a dovish pivot could be warranted,” wrote Goldman Sachs’ chief credit strategist, Lotfi Karoui, on Thursday. “We disagree, given the likely forward path of inflation, and would continue to fade the rally, using it as an opportunity to cut risk and rotate further up in quality.”</p><p>It’s too early to declare a Fed pivot and an all-clear for bullish investors. This inflation surge isn’t likely to be tamed that easily.</p></body></html>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Stock Market Had a Great July. Why August Could Be Tougher</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Stock Market Had a Great July. Why August Could Be Tougher\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-07-30 10:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/stock-market-news-dow-nasdaq-sp500-51659132219?mod=hp_LEAD_2><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Stocks rallied this past week as investors bet that the Federal Reserve has reached peak hawkishness. That’s wishful thinking.The Dow Jones Industrial Averagerose 3%, the S&P 500index added 4.3%, and ...</p>\n\n<a href=\"https://www.barrons.com/articles/stock-market-news-dow-nasdaq-sp500-51659132219?mod=hp_LEAD_2\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.barrons.com/articles/stock-market-news-dow-nasdaq-sp500-51659132219?mod=hp_LEAD_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2255591959","content_text":"Stocks rallied this past week as investors bet that the Federal Reserve has reached peak hawkishness. That’s wishful thinking.The Dow Jones Industrial Averagerose 3%, the S&P 500index added 4.3%, and the Nasdaq Composite surged 4.7%. All three had their best months since 2020. Even the premium paid for high-yield bonds over Treasuries narrowed considerably.Yet it was a strange week for celebration. The U.S. economy saw back-to-back quarters of declining real gross domestic product in the first half of 2022, the Fed’s favored measure of inflation remained stubbornly high, and the central bank raised interest rates by another three-quarters of a point, making this one of the fastest hiking cycles of the past 40 years.What did change are expectations for future rate hikes, hinging largely on two sentences from Fed Chairman Jerome Powell’s news conference.“While another unusually large increase could be appropriate at our next meeting, that is a decision that will depend on the data we get between now and then,” he said. “As the stance of monetary policy tightens further, it likely will become appropriate to slow the pace of increases.” Powell even said that interest rates, now at a range of 2.25% to 2.5%, are likely at “neutral,” meaning they are neither accommodative nor restrictive.The market took that message to heart. Six weeks ago, interest-rate futures were pricing in a peak federal-funds rate target range of 3.75% to 4% in early 2023. Today, that peak is implied at 3.25 to 3.5% in December, just a point above the current target. Furthermore, futures pricing now implies two quarter-point rate cuts from February to July 2023. In other words, the market is betting the Fed will slow down the pace of its rate increases by the end of this year, then rapidly switch to easing policy.Powell’s comments about the neutral rate also drew the ire of some well-known economists and investors. Former Treasury Secretary Larry Summers called Powell’s comment on the neutral rate “indefensible,” while Pershing Square’s Bill Ackman unleashed a late-night tweetstorm on the subject. “While 2.25 to 2.25% may be a neutral rate with 2% inflation, it is an extremely accommodative rate with inflation at 9%,” he wrote late on Thursday night, while isolating with Covid-19.The implied rate path also seems highly unlikely—and almost certainly not good for the stock market. For it to develop, the Fed would have to either declare victory in its fight against rising prices—does anyone expect inflation to magically collapse to 2% by year end?—or give up the battle altogether to rescue an economy that is rapidly sinking into recession. So, while the pace of tightening may be moderating and inflation may have peaked—famous last words, we know—it’s far from a green light for investors.Given a slowing economy, still-rising interest rates, and stock and bond indexes at or near short-term overbought levels, it might be time to sell the rally and rebalance into higher-quality or defensive areas.“Credit spreads have continued to pull tighter…on a market narrative that a dovish pivot could be warranted,” wrote Goldman Sachs’ chief credit strategist, Lotfi Karoui, on Thursday. “We disagree, given the likely forward path of inflation, and would continue to fade the rally, using it as an opportunity to cut risk and rotate further up in quality.”It’s too early to declare a Fed pivot and an all-clear for bullish investors. This inflation surge isn’t likely to be tamed that easily.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9901272643,"gmtCreate":1659229489982,"gmtModify":1676536273591,"author":{"id":"3576888762442253","authorId":"3576888762442253","name":"Barbarazhao","avatar":"https://static.tigerbbs.com/40f6fdeabe0e8cac300f1fd2a17eb3ac","vip":1,"crmLevel":8,"crmLevelSwitch":1,"idStr":"3576888762442253","authorIdStr":"3576888762442253"},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9901272643","repostId":2255591959,"repostType":4,"repost":{"id":"2255591959","pubTimestamp":1659147333,"share":"https://ttm.financial/m/news/2255591959?lang=&edition=fundamental","pubTime":"2022-07-30 10:15","market":"us","language":"en","title":"The Stock Market Had a Great July. Why August Could Be Tougher","url":"https://stock-news.laohu8.com/highlight/detail?id=2255591959","media":"Barrons","summary":"Stocks rallied this past week as investors bet that the Federal Reserve has reached peak hawkishness","content":"<html><head></head><body><p>Stocks rallied this past week as investors bet that the Federal Reserve has reached peak hawkishness. That’s wishful thinking.</p><p>The Dow Jones Industrial Averagerose 3%, the S&amp;P 500index added 4.3%, and the Nasdaq Composite surged 4.7%. All three had their best months since 2020. Even the premium paid for high-yield bonds over Treasuries narrowed considerably.</p><p>Yet it was a strange week for celebration. The U.S. economy saw back-to-back quarters of declining real gross domestic product in the first half of 2022, the Fed’s favored measure of inflation remained stubbornly high, and the central bank raised interest rates by another three-quarters of a point, making this one of the fastest hiking cycles of the past 40 years.</p><p>What did change are expectations for future rate hikes, hinging largely on two sentences from Fed Chairman Jerome Powell’s news conference.</p><p>“While another unusually large increase could be appropriate at our next meeting, that is a decision that will depend on the data we get between now and then,” he said. “As the stance of monetary policy tightens further, it likely will become appropriate to slow the pace of increases.” Powell even said that interest rates, now at a range of 2.25% to 2.5%, are likely at “neutral,” meaning they are neither accommodative nor restrictive.</p><p><img src=\"https://static.tigerbbs.com/aee1cf63ce76ac088586635d0db75666\" tg-width=\"956\" tg-height=\"635\" width=\"100%\" height=\"auto\"/></p><p>The market took that message to heart. Six weeks ago, interest-rate futures were pricing in a peak federal-funds rate target range of 3.75% to 4% in early 2023. Today, that peak is implied at 3.25 to 3.5% in December, just a point above the current target. Furthermore, futures pricing now implies two quarter-point rate cuts from February to July 2023. In other words, the market is betting the Fed will slow down the pace of its rate increases by the end of this year, then rapidly switch to easing policy.</p><p>Powell’s comments about the neutral rate also drew the ire of some well-known economists and investors. Former Treasury Secretary Larry Summers called Powell’s comment on the neutral rate “indefensible,” while Pershing Square’s Bill Ackman unleashed a late-night tweetstorm on the subject. “While 2.25 to 2.25% may be a neutral rate with 2% inflation, it is an extremely accommodative rate with inflation at 9%,” he wrote late on Thursday night, while isolating with Covid-19.</p><p>The implied rate path also seems highly unlikely—and almost certainly not good for the stock market. For it to develop, the Fed would have to either declare victory in its fight against rising prices—does anyone expect inflation to magically collapse to 2% by year end?—or give up the battle altogether to rescue an economy that is rapidly sinking into recession. So, while the pace of tightening may be moderating and inflation may have peaked—famous last words, we know—it’s far from a green light for investors.</p><p>Given a slowing economy, still-rising interest rates, and stock and bond indexes at or near short-term overbought levels, it might be time to sell the rally and rebalance into higher-quality or defensive areas.</p><p>“Credit spreads have continued to pull tighter…on a market narrative that a dovish pivot could be warranted,” wrote Goldman Sachs’ chief credit strategist, Lotfi Karoui, on Thursday. “We disagree, given the likely forward path of inflation, and would continue to fade the rally, using it as an opportunity to cut risk and rotate further up in quality.”</p><p>It’s too early to declare a Fed pivot and an all-clear for bullish investors. This inflation surge isn’t likely to be tamed that easily.</p></body></html>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Stock Market Had a Great July. Why August Could Be Tougher</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Stock Market Had a Great July. Why August Could Be Tougher\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-07-30 10:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/stock-market-news-dow-nasdaq-sp500-51659132219?mod=hp_LEAD_2><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Stocks rallied this past week as investors bet that the Federal Reserve has reached peak hawkishness. That’s wishful thinking.The Dow Jones Industrial Averagerose 3%, the S&P 500index added 4.3%, and ...</p>\n\n<a href=\"https://www.barrons.com/articles/stock-market-news-dow-nasdaq-sp500-51659132219?mod=hp_LEAD_2\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.barrons.com/articles/stock-market-news-dow-nasdaq-sp500-51659132219?mod=hp_LEAD_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2255591959","content_text":"Stocks rallied this past week as investors bet that the Federal Reserve has reached peak hawkishness. That’s wishful thinking.The Dow Jones Industrial Averagerose 3%, the S&P 500index added 4.3%, and the Nasdaq Composite surged 4.7%. All three had their best months since 2020. Even the premium paid for high-yield bonds over Treasuries narrowed considerably.Yet it was a strange week for celebration. The U.S. economy saw back-to-back quarters of declining real gross domestic product in the first half of 2022, the Fed’s favored measure of inflation remained stubbornly high, and the central bank raised interest rates by another three-quarters of a point, making this one of the fastest hiking cycles of the past 40 years.What did change are expectations for future rate hikes, hinging largely on two sentences from Fed Chairman Jerome Powell’s news conference.“While another unusually large increase could be appropriate at our next meeting, that is a decision that will depend on the data we get between now and then,” he said. “As the stance of monetary policy tightens further, it likely will become appropriate to slow the pace of increases.” Powell even said that interest rates, now at a range of 2.25% to 2.5%, are likely at “neutral,” meaning they are neither accommodative nor restrictive.The market took that message to heart. Six weeks ago, interest-rate futures were pricing in a peak federal-funds rate target range of 3.75% to 4% in early 2023. Today, that peak is implied at 3.25 to 3.5% in December, just a point above the current target. Furthermore, futures pricing now implies two quarter-point rate cuts from February to July 2023. In other words, the market is betting the Fed will slow down the pace of its rate increases by the end of this year, then rapidly switch to easing policy.Powell’s comments about the neutral rate also drew the ire of some well-known economists and investors. Former Treasury Secretary Larry Summers called Powell’s comment on the neutral rate “indefensible,” while Pershing Square’s Bill Ackman unleashed a late-night tweetstorm on the subject. “While 2.25 to 2.25% may be a neutral rate with 2% inflation, it is an extremely accommodative rate with inflation at 9%,” he wrote late on Thursday night, while isolating with Covid-19.The implied rate path also seems highly unlikely—and almost certainly not good for the stock market. For it to develop, the Fed would have to either declare victory in its fight against rising prices—does anyone expect inflation to magically collapse to 2% by year end?—or give up the battle altogether to rescue an economy that is rapidly sinking into recession. So, while the pace of tightening may be moderating and inflation may have peaked—famous last words, we know—it’s far from a green light for investors.Given a slowing economy, still-rising interest rates, and stock and bond indexes at or near short-term overbought levels, it might be time to sell the rally and rebalance into higher-quality or defensive areas.“Credit spreads have continued to pull tighter…on a market narrative that a dovish pivot could be warranted,” wrote Goldman Sachs’ chief credit strategist, Lotfi Karoui, on Thursday. “We disagree, given the likely forward path of inflation, and would continue to fade the rally, using it as an opportunity to cut risk and rotate further up in quality.”It’s too early to declare a Fed pivot and an all-clear for bullish investors. This inflation surge isn’t likely to be tamed that easily.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9901242806,"gmtCreate":1659228758705,"gmtModify":1676536273370,"author":{"id":"3573471135601329","authorId":"3573471135601329","name":"SKHan","avatar":"https://static.tigerbbs.com/edb016a1e76d427cf4bc5ef3a5d38289","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3573471135601329","authorIdStr":"3573471135601329"},"htmlText":"Really","listText":"Really","text":"Really","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9901242806","repostId":2255591959,"repostType":4,"repost":{"id":"2255591959","pubTimestamp":1659147333,"share":"https://ttm.financial/m/news/2255591959?lang=&edition=fundamental","pubTime":"2022-07-30 10:15","market":"us","language":"en","title":"The Stock Market Had a Great July. Why August Could Be Tougher","url":"https://stock-news.laohu8.com/highlight/detail?id=2255591959","media":"Barrons","summary":"Stocks rallied this past week as investors bet that the Federal Reserve has reached peak hawkishness","content":"<html><head></head><body><p>Stocks rallied this past week as investors bet that the Federal Reserve has reached peak hawkishness. That’s wishful thinking.</p><p>The Dow Jones Industrial Averagerose 3%, the S&amp;P 500index added 4.3%, and the Nasdaq Composite surged 4.7%. All three had their best months since 2020. Even the premium paid for high-yield bonds over Treasuries narrowed considerably.</p><p>Yet it was a strange week for celebration. The U.S. economy saw back-to-back quarters of declining real gross domestic product in the first half of 2022, the Fed’s favored measure of inflation remained stubbornly high, and the central bank raised interest rates by another three-quarters of a point, making this one of the fastest hiking cycles of the past 40 years.</p><p>What did change are expectations for future rate hikes, hinging largely on two sentences from Fed Chairman Jerome Powell’s news conference.</p><p>“While another unusually large increase could be appropriate at our next meeting, that is a decision that will depend on the data we get between now and then,” he said. “As the stance of monetary policy tightens further, it likely will become appropriate to slow the pace of increases.” Powell even said that interest rates, now at a range of 2.25% to 2.5%, are likely at “neutral,” meaning they are neither accommodative nor restrictive.</p><p><img src=\"https://static.tigerbbs.com/aee1cf63ce76ac088586635d0db75666\" tg-width=\"956\" tg-height=\"635\" width=\"100%\" height=\"auto\"/></p><p>The market took that message to heart. Six weeks ago, interest-rate futures were pricing in a peak federal-funds rate target range of 3.75% to 4% in early 2023. Today, that peak is implied at 3.25 to 3.5% in December, just a point above the current target. Furthermore, futures pricing now implies two quarter-point rate cuts from February to July 2023. In other words, the market is betting the Fed will slow down the pace of its rate increases by the end of this year, then rapidly switch to easing policy.</p><p>Powell’s comments about the neutral rate also drew the ire of some well-known economists and investors. Former Treasury Secretary Larry Summers called Powell’s comment on the neutral rate “indefensible,” while Pershing Square’s Bill Ackman unleashed a late-night tweetstorm on the subject. “While 2.25 to 2.25% may be a neutral rate with 2% inflation, it is an extremely accommodative rate with inflation at 9%,” he wrote late on Thursday night, while isolating with Covid-19.</p><p>The implied rate path also seems highly unlikely—and almost certainly not good for the stock market. For it to develop, the Fed would have to either declare victory in its fight against rising prices—does anyone expect inflation to magically collapse to 2% by year end?—or give up the battle altogether to rescue an economy that is rapidly sinking into recession. So, while the pace of tightening may be moderating and inflation may have peaked—famous last words, we know—it’s far from a green light for investors.</p><p>Given a slowing economy, still-rising interest rates, and stock and bond indexes at or near short-term overbought levels, it might be time to sell the rally and rebalance into higher-quality or defensive areas.</p><p>“Credit spreads have continued to pull tighter…on a market narrative that a dovish pivot could be warranted,” wrote Goldman Sachs’ chief credit strategist, Lotfi Karoui, on Thursday. “We disagree, given the likely forward path of inflation, and would continue to fade the rally, using it as an opportunity to cut risk and rotate further up in quality.”</p><p>It’s too early to declare a Fed pivot and an all-clear for bullish investors. This inflation surge isn’t likely to be tamed that easily.</p></body></html>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Stock Market Had a Great July. Why August Could Be Tougher</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Stock Market Had a Great July. Why August Could Be Tougher\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-07-30 10:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/stock-market-news-dow-nasdaq-sp500-51659132219?mod=hp_LEAD_2><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Stocks rallied this past week as investors bet that the Federal Reserve has reached peak hawkishness. That’s wishful thinking.The Dow Jones Industrial Averagerose 3%, the S&P 500index added 4.3%, and ...</p>\n\n<a href=\"https://www.barrons.com/articles/stock-market-news-dow-nasdaq-sp500-51659132219?mod=hp_LEAD_2\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.barrons.com/articles/stock-market-news-dow-nasdaq-sp500-51659132219?mod=hp_LEAD_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2255591959","content_text":"Stocks rallied this past week as investors bet that the Federal Reserve has reached peak hawkishness. That’s wishful thinking.The Dow Jones Industrial Averagerose 3%, the S&P 500index added 4.3%, and the Nasdaq Composite surged 4.7%. All three had their best months since 2020. Even the premium paid for high-yield bonds over Treasuries narrowed considerably.Yet it was a strange week for celebration. The U.S. economy saw back-to-back quarters of declining real gross domestic product in the first half of 2022, the Fed’s favored measure of inflation remained stubbornly high, and the central bank raised interest rates by another three-quarters of a point, making this one of the fastest hiking cycles of the past 40 years.What did change are expectations for future rate hikes, hinging largely on two sentences from Fed Chairman Jerome Powell’s news conference.“While another unusually large increase could be appropriate at our next meeting, that is a decision that will depend on the data we get between now and then,” he said. “As the stance of monetary policy tightens further, it likely will become appropriate to slow the pace of increases.” Powell even said that interest rates, now at a range of 2.25% to 2.5%, are likely at “neutral,” meaning they are neither accommodative nor restrictive.The market took that message to heart. Six weeks ago, interest-rate futures were pricing in a peak federal-funds rate target range of 3.75% to 4% in early 2023. Today, that peak is implied at 3.25 to 3.5% in December, just a point above the current target. Furthermore, futures pricing now implies two quarter-point rate cuts from February to July 2023. In other words, the market is betting the Fed will slow down the pace of its rate increases by the end of this year, then rapidly switch to easing policy.Powell’s comments about the neutral rate also drew the ire of some well-known economists and investors. Former Treasury Secretary Larry Summers called Powell’s comment on the neutral rate “indefensible,” while Pershing Square’s Bill Ackman unleashed a late-night tweetstorm on the subject. “While 2.25 to 2.25% may be a neutral rate with 2% inflation, it is an extremely accommodative rate with inflation at 9%,” he wrote late on Thursday night, while isolating with Covid-19.The implied rate path also seems highly unlikely—and almost certainly not good for the stock market. For it to develop, the Fed would have to either declare victory in its fight against rising prices—does anyone expect inflation to magically collapse to 2% by year end?—or give up the battle altogether to rescue an economy that is rapidly sinking into recession. So, while the pace of tightening may be moderating and inflation may have peaked—famous last words, we know—it’s far from a green light for investors.Given a slowing economy, still-rising interest rates, and stock and bond indexes at or near short-term overbought levels, it might be time to sell the rally and rebalance into higher-quality or defensive areas.“Credit spreads have continued to pull tighter…on a market narrative that a dovish pivot could be warranted,” wrote Goldman Sachs’ chief credit strategist, Lotfi Karoui, on Thursday. “We disagree, given the likely forward path of inflation, and would continue to fade the rally, using it as an opportunity to cut risk and rotate further up in quality.”It’s too early to declare a Fed pivot and an all-clear for bullish investors. This inflation surge isn’t likely to be tamed that easily.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9901246897,"gmtCreate":1659228696619,"gmtModify":1676536273340,"author":{"id":"3578790486524477","authorId":"3578790486524477","name":"hphoa","avatar":"https://community-static.tradeup.com/news/28a11e936497493af7ee5ccdc32238a3","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3578790486524477","authorIdStr":"3578790486524477"},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9901246897","repostId":2255591959,"repostType":4,"repost":{"id":"2255591959","pubTimestamp":1659147333,"share":"https://ttm.financial/m/news/2255591959?lang=&edition=fundamental","pubTime":"2022-07-30 10:15","market":"us","language":"en","title":"The Stock Market Had a Great July. Why August Could Be Tougher","url":"https://stock-news.laohu8.com/highlight/detail?id=2255591959","media":"Barrons","summary":"Stocks rallied this past week as investors bet that the Federal Reserve has reached peak hawkishness","content":"<html><head></head><body><p>Stocks rallied this past week as investors bet that the Federal Reserve has reached peak hawkishness. That’s wishful thinking.</p><p>The Dow Jones Industrial Averagerose 3%, the S&amp;P 500index added 4.3%, and the Nasdaq Composite surged 4.7%. All three had their best months since 2020. Even the premium paid for high-yield bonds over Treasuries narrowed considerably.</p><p>Yet it was a strange week for celebration. The U.S. economy saw back-to-back quarters of declining real gross domestic product in the first half of 2022, the Fed’s favored measure of inflation remained stubbornly high, and the central bank raised interest rates by another three-quarters of a point, making this one of the fastest hiking cycles of the past 40 years.</p><p>What did change are expectations for future rate hikes, hinging largely on two sentences from Fed Chairman Jerome Powell’s news conference.</p><p>“While another unusually large increase could be appropriate at our next meeting, that is a decision that will depend on the data we get between now and then,” he said. “As the stance of monetary policy tightens further, it likely will become appropriate to slow the pace of increases.” Powell even said that interest rates, now at a range of 2.25% to 2.5%, are likely at “neutral,” meaning they are neither accommodative nor restrictive.</p><p><img src=\"https://static.tigerbbs.com/aee1cf63ce76ac088586635d0db75666\" tg-width=\"956\" tg-height=\"635\" width=\"100%\" height=\"auto\"/></p><p>The market took that message to heart. Six weeks ago, interest-rate futures were pricing in a peak federal-funds rate target range of 3.75% to 4% in early 2023. Today, that peak is implied at 3.25 to 3.5% in December, just a point above the current target. Furthermore, futures pricing now implies two quarter-point rate cuts from February to July 2023. In other words, the market is betting the Fed will slow down the pace of its rate increases by the end of this year, then rapidly switch to easing policy.</p><p>Powell’s comments about the neutral rate also drew the ire of some well-known economists and investors. Former Treasury Secretary Larry Summers called Powell’s comment on the neutral rate “indefensible,” while Pershing Square’s Bill Ackman unleashed a late-night tweetstorm on the subject. “While 2.25 to 2.25% may be a neutral rate with 2% inflation, it is an extremely accommodative rate with inflation at 9%,” he wrote late on Thursday night, while isolating with Covid-19.</p><p>The implied rate path also seems highly unlikely—and almost certainly not good for the stock market. For it to develop, the Fed would have to either declare victory in its fight against rising prices—does anyone expect inflation to magically collapse to 2% by year end?—or give up the battle altogether to rescue an economy that is rapidly sinking into recession. So, while the pace of tightening may be moderating and inflation may have peaked—famous last words, we know—it’s far from a green light for investors.</p><p>Given a slowing economy, still-rising interest rates, and stock and bond indexes at or near short-term overbought levels, it might be time to sell the rally and rebalance into higher-quality or defensive areas.</p><p>“Credit spreads have continued to pull tighter…on a market narrative that a dovish pivot could be warranted,” wrote Goldman Sachs’ chief credit strategist, Lotfi Karoui, on Thursday. “We disagree, given the likely forward path of inflation, and would continue to fade the rally, using it as an opportunity to cut risk and rotate further up in quality.”</p><p>It’s too early to declare a Fed pivot and an all-clear for bullish investors. This inflation surge isn’t likely to be tamed that easily.</p></body></html>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Stock Market Had a Great July. Why August Could Be Tougher</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Stock Market Had a Great July. Why August Could Be Tougher\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-07-30 10:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/stock-market-news-dow-nasdaq-sp500-51659132219?mod=hp_LEAD_2><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Stocks rallied this past week as investors bet that the Federal Reserve has reached peak hawkishness. That’s wishful thinking.The Dow Jones Industrial Averagerose 3%, the S&P 500index added 4.3%, and ...</p>\n\n<a href=\"https://www.barrons.com/articles/stock-market-news-dow-nasdaq-sp500-51659132219?mod=hp_LEAD_2\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.barrons.com/articles/stock-market-news-dow-nasdaq-sp500-51659132219?mod=hp_LEAD_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2255591959","content_text":"Stocks rallied this past week as investors bet that the Federal Reserve has reached peak hawkishness. That’s wishful thinking.The Dow Jones Industrial Averagerose 3%, the S&P 500index added 4.3%, and the Nasdaq Composite surged 4.7%. All three had their best months since 2020. Even the premium paid for high-yield bonds over Treasuries narrowed considerably.Yet it was a strange week for celebration. The U.S. economy saw back-to-back quarters of declining real gross domestic product in the first half of 2022, the Fed’s favored measure of inflation remained stubbornly high, and the central bank raised interest rates by another three-quarters of a point, making this one of the fastest hiking cycles of the past 40 years.What did change are expectations for future rate hikes, hinging largely on two sentences from Fed Chairman Jerome Powell’s news conference.“While another unusually large increase could be appropriate at our next meeting, that is a decision that will depend on the data we get between now and then,” he said. “As the stance of monetary policy tightens further, it likely will become appropriate to slow the pace of increases.” Powell even said that interest rates, now at a range of 2.25% to 2.5%, are likely at “neutral,” meaning they are neither accommodative nor restrictive.The market took that message to heart. Six weeks ago, interest-rate futures were pricing in a peak federal-funds rate target range of 3.75% to 4% in early 2023. Today, that peak is implied at 3.25 to 3.5% in December, just a point above the current target. Furthermore, futures pricing now implies two quarter-point rate cuts from February to July 2023. In other words, the market is betting the Fed will slow down the pace of its rate increases by the end of this year, then rapidly switch to easing policy.Powell’s comments about the neutral rate also drew the ire of some well-known economists and investors. Former Treasury Secretary Larry Summers called Powell’s comment on the neutral rate “indefensible,” while Pershing Square’s Bill Ackman unleashed a late-night tweetstorm on the subject. “While 2.25 to 2.25% may be a neutral rate with 2% inflation, it is an extremely accommodative rate with inflation at 9%,” he wrote late on Thursday night, while isolating with Covid-19.The implied rate path also seems highly unlikely—and almost certainly not good for the stock market. For it to develop, the Fed would have to either declare victory in its fight against rising prices—does anyone expect inflation to magically collapse to 2% by year end?—or give up the battle altogether to rescue an economy that is rapidly sinking into recession. So, while the pace of tightening may be moderating and inflation may have peaked—famous last words, we know—it’s far from a green light for investors.Given a slowing economy, still-rising interest rates, and stock and bond indexes at or near short-term overbought levels, it might be time to sell the rally and rebalance into higher-quality or defensive areas.“Credit spreads have continued to pull tighter…on a market narrative that a dovish pivot could be warranted,” wrote Goldman Sachs’ chief credit strategist, Lotfi Karoui, on Thursday. “We disagree, given the likely forward path of inflation, and would continue to fade the rally, using it as an opportunity to cut risk and rotate further up in quality.”It’s too early to declare a Fed pivot and an all-clear for bullish investors. This inflation surge isn’t likely to be tamed that easily.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9901241878,"gmtCreate":1659228580894,"gmtModify":1676536273302,"author":{"id":"3561465133588808","authorId":"3561465133588808","name":"Kazren","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3561465133588808","authorIdStr":"3561465133588808"},"htmlText":"Nice&nbsp;","listText":"Nice&nbsp;","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9901241878","repostId":2255591959,"repostType":4,"repost":{"id":"2255591959","pubTimestamp":1659147333,"share":"https://ttm.financial/m/news/2255591959?lang=&edition=fundamental","pubTime":"2022-07-30 10:15","market":"us","language":"en","title":"The Stock Market Had a Great July. Why August Could Be Tougher","url":"https://stock-news.laohu8.com/highlight/detail?id=2255591959","media":"Barrons","summary":"Stocks rallied this past week as investors bet that the Federal Reserve has reached peak hawkishness","content":"<html><head></head><body><p>Stocks rallied this past week as investors bet that the Federal Reserve has reached peak hawkishness. That’s wishful thinking.</p><p>The Dow Jones Industrial Averagerose 3%, the S&amp;P 500index added 4.3%, and the Nasdaq Composite surged 4.7%. All three had their best months since 2020. Even the premium paid for high-yield bonds over Treasuries narrowed considerably.</p><p>Yet it was a strange week for celebration. The U.S. economy saw back-to-back quarters of declining real gross domestic product in the first half of 2022, the Fed’s favored measure of inflation remained stubbornly high, and the central bank raised interest rates by another three-quarters of a point, making this one of the fastest hiking cycles of the past 40 years.</p><p>What did change are expectations for future rate hikes, hinging largely on two sentences from Fed Chairman Jerome Powell’s news conference.</p><p>“While another unusually large increase could be appropriate at our next meeting, that is a decision that will depend on the data we get between now and then,” he said. “As the stance of monetary policy tightens further, it likely will become appropriate to slow the pace of increases.” Powell even said that interest rates, now at a range of 2.25% to 2.5%, are likely at “neutral,” meaning they are neither accommodative nor restrictive.</p><p><img src=\"https://static.tigerbbs.com/aee1cf63ce76ac088586635d0db75666\" tg-width=\"956\" tg-height=\"635\" width=\"100%\" height=\"auto\"/></p><p>The market took that message to heart. Six weeks ago, interest-rate futures were pricing in a peak federal-funds rate target range of 3.75% to 4% in early 2023. Today, that peak is implied at 3.25 to 3.5% in December, just a point above the current target. Furthermore, futures pricing now implies two quarter-point rate cuts from February to July 2023. In other words, the market is betting the Fed will slow down the pace of its rate increases by the end of this year, then rapidly switch to easing policy.</p><p>Powell’s comments about the neutral rate also drew the ire of some well-known economists and investors. Former Treasury Secretary Larry Summers called Powell’s comment on the neutral rate “indefensible,” while Pershing Square’s Bill Ackman unleashed a late-night tweetstorm on the subject. “While 2.25 to 2.25% may be a neutral rate with 2% inflation, it is an extremely accommodative rate with inflation at 9%,” he wrote late on Thursday night, while isolating with Covid-19.</p><p>The implied rate path also seems highly unlikely—and almost certainly not good for the stock market. For it to develop, the Fed would have to either declare victory in its fight against rising prices—does anyone expect inflation to magically collapse to 2% by year end?—or give up the battle altogether to rescue an economy that is rapidly sinking into recession. So, while the pace of tightening may be moderating and inflation may have peaked—famous last words, we know—it’s far from a green light for investors.</p><p>Given a slowing economy, still-rising interest rates, and stock and bond indexes at or near short-term overbought levels, it might be time to sell the rally and rebalance into higher-quality or defensive areas.</p><p>“Credit spreads have continued to pull tighter…on a market narrative that a dovish pivot could be warranted,” wrote Goldman Sachs’ chief credit strategist, Lotfi Karoui, on Thursday. “We disagree, given the likely forward path of inflation, and would continue to fade the rally, using it as an opportunity to cut risk and rotate further up in quality.”</p><p>It’s too early to declare a Fed pivot and an all-clear for bullish investors. This inflation surge isn’t likely to be tamed that easily.</p></body></html>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Stock Market Had a Great July. Why August Could Be Tougher</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Stock Market Had a Great July. Why August Could Be Tougher\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-07-30 10:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/stock-market-news-dow-nasdaq-sp500-51659132219?mod=hp_LEAD_2><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Stocks rallied this past week as investors bet that the Federal Reserve has reached peak hawkishness. That’s wishful thinking.The Dow Jones Industrial Averagerose 3%, the S&P 500index added 4.3%, and ...</p>\n\n<a href=\"https://www.barrons.com/articles/stock-market-news-dow-nasdaq-sp500-51659132219?mod=hp_LEAD_2\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.barrons.com/articles/stock-market-news-dow-nasdaq-sp500-51659132219?mod=hp_LEAD_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2255591959","content_text":"Stocks rallied this past week as investors bet that the Federal Reserve has reached peak hawkishness. That’s wishful thinking.The Dow Jones Industrial Averagerose 3%, the S&P 500index added 4.3%, and the Nasdaq Composite surged 4.7%. All three had their best months since 2020. Even the premium paid for high-yield bonds over Treasuries narrowed considerably.Yet it was a strange week for celebration. The U.S. economy saw back-to-back quarters of declining real gross domestic product in the first half of 2022, the Fed’s favored measure of inflation remained stubbornly high, and the central bank raised interest rates by another three-quarters of a point, making this one of the fastest hiking cycles of the past 40 years.What did change are expectations for future rate hikes, hinging largely on two sentences from Fed Chairman Jerome Powell’s news conference.“While another unusually large increase could be appropriate at our next meeting, that is a decision that will depend on the data we get between now and then,” he said. “As the stance of monetary policy tightens further, it likely will become appropriate to slow the pace of increases.” Powell even said that interest rates, now at a range of 2.25% to 2.5%, are likely at “neutral,” meaning they are neither accommodative nor restrictive.The market took that message to heart. Six weeks ago, interest-rate futures were pricing in a peak federal-funds rate target range of 3.75% to 4% in early 2023. Today, that peak is implied at 3.25 to 3.5% in December, just a point above the current target. Furthermore, futures pricing now implies two quarter-point rate cuts from February to July 2023. In other words, the market is betting the Fed will slow down the pace of its rate increases by the end of this year, then rapidly switch to easing policy.Powell’s comments about the neutral rate also drew the ire of some well-known economists and investors. Former Treasury Secretary Larry Summers called Powell’s comment on the neutral rate “indefensible,” while Pershing Square’s Bill Ackman unleashed a late-night tweetstorm on the subject. “While 2.25 to 2.25% may be a neutral rate with 2% inflation, it is an extremely accommodative rate with inflation at 9%,” he wrote late on Thursday night, while isolating with Covid-19.The implied rate path also seems highly unlikely—and almost certainly not good for the stock market. For it to develop, the Fed would have to either declare victory in its fight against rising prices—does anyone expect inflation to magically collapse to 2% by year end?—or give up the battle altogether to rescue an economy that is rapidly sinking into recession. So, while the pace of tightening may be moderating and inflation may have peaked—famous last words, we know—it’s far from a green light for investors.Given a slowing economy, still-rising interest rates, and stock and bond indexes at or near short-term overbought levels, it might be time to sell the rally and rebalance into higher-quality or defensive areas.“Credit spreads have continued to pull tighter…on a market narrative that a dovish pivot could be warranted,” wrote Goldman Sachs’ chief credit strategist, Lotfi Karoui, on Thursday. “We disagree, given the likely forward path of inflation, and would continue to fade the rally, using it as an opportunity to cut risk and rotate further up in quality.”It’s too early to declare a Fed pivot and an all-clear for bullish investors. This inflation surge isn’t likely to be tamed that easily.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9901225328,"gmtCreate":1659227252365,"gmtModify":1676536272877,"author":{"id":"3561596430587504","authorId":"3561596430587504","name":"robot1234","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"hat":"https://static.tigerbbs.com/b0a2963eb37c60c5d6d4a8dbcd266952","crmLevel":6,"crmLevelSwitch":1,"idStr":"3561596430587504","authorIdStr":"3561596430587504"},"htmlText":"El-Erian, Crescenzi Paint Picture of Investors Betting on Fed. Investors are in a gambling mood when it comes to the Federal Reserve. That’s the conclusion one could reach after listening to veteran strategists, Bloomberg Opinion columnist Mohamed El-Erian and Pacific Investment Management Co.’s Anthony Crescenzi, explain market rallies in a week where the Fed raised overnight lending rates and the US economy signaled a recession. The S&amp;P 500 is on track for its best month since November 2020 and the Bloomberg Treasury Index could close July with the biggest gains since the start of the pandemic.Bond market investors are “entertaining the idea that the Fed can’t go far” in raising rates further to stem the fastest inflation in decades, Crescenzi, a portfolio manager and member of the i","listText":"El-Erian, Crescenzi Paint Picture of Investors Betting on Fed. Investors are in a gambling mood when it comes to the Federal Reserve. That’s the conclusion one could reach after listening to veteran strategists, Bloomberg Opinion columnist Mohamed El-Erian and Pacific Investment Management Co.’s Anthony Crescenzi, explain market rallies in a week where the Fed raised overnight lending rates and the US economy signaled a recession. The S&amp;P 500 is on track for its best month since November 2020 and the Bloomberg Treasury Index could close July with the biggest gains since the start of the pandemic.Bond market investors are “entertaining the idea that the Fed can’t go far” in raising rates further to stem the fastest inflation in decades, Crescenzi, a portfolio manager and member of the i","text":"El-Erian, Crescenzi Paint Picture of Investors Betting on Fed. Investors are in a gambling mood when it comes to the Federal Reserve. That’s the conclusion one could reach after listening to veteran strategists, Bloomberg Opinion columnist Mohamed El-Erian and Pacific Investment Management Co.’s Anthony Crescenzi, explain market rallies in a week where the Fed raised overnight lending rates and the US economy signaled a recession. The S&P 500 is on track for its best month since November 2020 and the Bloomberg Treasury Index could close July with the biggest gains since the start of the pandemic.Bond market investors are “entertaining the idea that the Fed can’t go far” in raising rates further to stem the fastest inflation in decades, Crescenzi, a portfolio manager and member of the i","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":71,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9901225328","repostId":2255591959,"repostType":4,"repost":{"id":"2255591959","pubTimestamp":1659147333,"share":"https://ttm.financial/m/news/2255591959?lang=&edition=fundamental","pubTime":"2022-07-30 10:15","market":"us","language":"en","title":"The Stock Market Had a Great July. Why August Could Be Tougher","url":"https://stock-news.laohu8.com/highlight/detail?id=2255591959","media":"Barrons","summary":"Stocks rallied this past week as investors bet that the Federal Reserve has reached peak hawkishness","content":"<html><head></head><body><p>Stocks rallied this past week as investors bet that the Federal Reserve has reached peak hawkishness. That’s wishful thinking.</p><p>The Dow Jones Industrial Averagerose 3%, the S&amp;P 500index added 4.3%, and the Nasdaq Composite surged 4.7%. All three had their best months since 2020. Even the premium paid for high-yield bonds over Treasuries narrowed considerably.</p><p>Yet it was a strange week for celebration. The U.S. economy saw back-to-back quarters of declining real gross domestic product in the first half of 2022, the Fed’s favored measure of inflation remained stubbornly high, and the central bank raised interest rates by another three-quarters of a point, making this one of the fastest hiking cycles of the past 40 years.</p><p>What did change are expectations for future rate hikes, hinging largely on two sentences from Fed Chairman Jerome Powell’s news conference.</p><p>“While another unusually large increase could be appropriate at our next meeting, that is a decision that will depend on the data we get between now and then,” he said. “As the stance of monetary policy tightens further, it likely will become appropriate to slow the pace of increases.” Powell even said that interest rates, now at a range of 2.25% to 2.5%, are likely at “neutral,” meaning they are neither accommodative nor restrictive.</p><p><img src=\"https://static.tigerbbs.com/aee1cf63ce76ac088586635d0db75666\" tg-width=\"956\" tg-height=\"635\" width=\"100%\" height=\"auto\"/></p><p>The market took that message to heart. Six weeks ago, interest-rate futures were pricing in a peak federal-funds rate target range of 3.75% to 4% in early 2023. Today, that peak is implied at 3.25 to 3.5% in December, just a point above the current target. Furthermore, futures pricing now implies two quarter-point rate cuts from February to July 2023. In other words, the market is betting the Fed will slow down the pace of its rate increases by the end of this year, then rapidly switch to easing policy.</p><p>Powell’s comments about the neutral rate also drew the ire of some well-known economists and investors. Former Treasury Secretary Larry Summers called Powell’s comment on the neutral rate “indefensible,” while Pershing Square’s Bill Ackman unleashed a late-night tweetstorm on the subject. “While 2.25 to 2.25% may be a neutral rate with 2% inflation, it is an extremely accommodative rate with inflation at 9%,” he wrote late on Thursday night, while isolating with Covid-19.</p><p>The implied rate path also seems highly unlikely—and almost certainly not good for the stock market. For it to develop, the Fed would have to either declare victory in its fight against rising prices—does anyone expect inflation to magically collapse to 2% by year end?—or give up the battle altogether to rescue an economy that is rapidly sinking into recession. So, while the pace of tightening may be moderating and inflation may have peaked—famous last words, we know—it’s far from a green light for investors.</p><p>Given a slowing economy, still-rising interest rates, and stock and bond indexes at or near short-term overbought levels, it might be time to sell the rally and rebalance into higher-quality or defensive areas.</p><p>“Credit spreads have continued to pull tighter…on a market narrative that a dovish pivot could be warranted,” wrote Goldman Sachs’ chief credit strategist, Lotfi Karoui, on Thursday. “We disagree, given the likely forward path of inflation, and would continue to fade the rally, using it as an opportunity to cut risk and rotate further up in quality.”</p><p>It’s too early to declare a Fed pivot and an all-clear for bullish investors. This inflation surge isn’t likely to be tamed that easily.</p></body></html>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Stock Market Had a Great July. Why August Could Be Tougher</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Stock Market Had a Great July. Why August Could Be Tougher\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-07-30 10:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/stock-market-news-dow-nasdaq-sp500-51659132219?mod=hp_LEAD_2><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Stocks rallied this past week as investors bet that the Federal Reserve has reached peak hawkishness. That’s wishful thinking.The Dow Jones Industrial Averagerose 3%, the S&P 500index added 4.3%, and ...</p>\n\n<a href=\"https://www.barrons.com/articles/stock-market-news-dow-nasdaq-sp500-51659132219?mod=hp_LEAD_2\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.barrons.com/articles/stock-market-news-dow-nasdaq-sp500-51659132219?mod=hp_LEAD_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2255591959","content_text":"Stocks rallied this past week as investors bet that the Federal Reserve has reached peak hawkishness. That’s wishful thinking.The Dow Jones Industrial Averagerose 3%, the S&P 500index added 4.3%, and the Nasdaq Composite surged 4.7%. All three had their best months since 2020. Even the premium paid for high-yield bonds over Treasuries narrowed considerably.Yet it was a strange week for celebration. The U.S. economy saw back-to-back quarters of declining real gross domestic product in the first half of 2022, the Fed’s favored measure of inflation remained stubbornly high, and the central bank raised interest rates by another three-quarters of a point, making this one of the fastest hiking cycles of the past 40 years.What did change are expectations for future rate hikes, hinging largely on two sentences from Fed Chairman Jerome Powell’s news conference.“While another unusually large increase could be appropriate at our next meeting, that is a decision that will depend on the data we get between now and then,” he said. “As the stance of monetary policy tightens further, it likely will become appropriate to slow the pace of increases.” Powell even said that interest rates, now at a range of 2.25% to 2.5%, are likely at “neutral,” meaning they are neither accommodative nor restrictive.The market took that message to heart. Six weeks ago, interest-rate futures were pricing in a peak federal-funds rate target range of 3.75% to 4% in early 2023. Today, that peak is implied at 3.25 to 3.5% in December, just a point above the current target. Furthermore, futures pricing now implies two quarter-point rate cuts from February to July 2023. In other words, the market is betting the Fed will slow down the pace of its rate increases by the end of this year, then rapidly switch to easing policy.Powell’s comments about the neutral rate also drew the ire of some well-known economists and investors. Former Treasury Secretary Larry Summers called Powell’s comment on the neutral rate “indefensible,” while Pershing Square’s Bill Ackman unleashed a late-night tweetstorm on the subject. “While 2.25 to 2.25% may be a neutral rate with 2% inflation, it is an extremely accommodative rate with inflation at 9%,” he wrote late on Thursday night, while isolating with Covid-19.The implied rate path also seems highly unlikely—and almost certainly not good for the stock market. For it to develop, the Fed would have to either declare victory in its fight against rising prices—does anyone expect inflation to magically collapse to 2% by year end?—or give up the battle altogether to rescue an economy that is rapidly sinking into recession. So, while the pace of tightening may be moderating and inflation may have peaked—famous last words, we know—it’s far from a green light for investors.Given a slowing economy, still-rising interest rates, and stock and bond indexes at or near short-term overbought levels, it might be time to sell the rally and rebalance into higher-quality or defensive areas.“Credit spreads have continued to pull tighter…on a market narrative that a dovish pivot could be warranted,” wrote Goldman Sachs’ chief credit strategist, Lotfi Karoui, on Thursday. “We disagree, given the likely forward path of inflation, and would continue to fade the rally, using it as an opportunity to cut risk and rotate further up in quality.”It’s too early to declare a Fed pivot and an all-clear for bullish investors. This inflation surge isn’t likely to be tamed that easily.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9901228730,"gmtCreate":1659227040520,"gmtModify":1676536272832,"author":{"id":"3583284147557843","authorId":"3583284147557843","name":"K20","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"hat":"https://static.tigerbbs.com/4c5ceab71416b120bab4604c0754b52a","crmLevel":5,"crmLevelSwitch":0,"idStr":"3583284147557843","authorIdStr":"3583284147557843"},"htmlText":"Okay&nbsp;","listText":"Okay&nbsp;","text":"Okay","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9901228730","repostId":2255591959,"repostType":4,"repost":{"id":"2255591959","pubTimestamp":1659147333,"share":"https://ttm.financial/m/news/2255591959?lang=&edition=fundamental","pubTime":"2022-07-30 10:15","market":"us","language":"en","title":"The Stock Market Had a Great July. Why August Could Be Tougher","url":"https://stock-news.laohu8.com/highlight/detail?id=2255591959","media":"Barrons","summary":"Stocks rallied this past week as investors bet that the Federal Reserve has reached peak hawkishness","content":"<html><head></head><body><p>Stocks rallied this past week as investors bet that the Federal Reserve has reached peak hawkishness. That’s wishful thinking.</p><p>The Dow Jones Industrial Averagerose 3%, the S&amp;P 500index added 4.3%, and the Nasdaq Composite surged 4.7%. All three had their best months since 2020. Even the premium paid for high-yield bonds over Treasuries narrowed considerably.</p><p>Yet it was a strange week for celebration. The U.S. economy saw back-to-back quarters of declining real gross domestic product in the first half of 2022, the Fed’s favored measure of inflation remained stubbornly high, and the central bank raised interest rates by another three-quarters of a point, making this one of the fastest hiking cycles of the past 40 years.</p><p>What did change are expectations for future rate hikes, hinging largely on two sentences from Fed Chairman Jerome Powell’s news conference.</p><p>“While another unusually large increase could be appropriate at our next meeting, that is a decision that will depend on the data we get between now and then,” he said. “As the stance of monetary policy tightens further, it likely will become appropriate to slow the pace of increases.” Powell even said that interest rates, now at a range of 2.25% to 2.5%, are likely at “neutral,” meaning they are neither accommodative nor restrictive.</p><p><img src=\"https://static.tigerbbs.com/aee1cf63ce76ac088586635d0db75666\" tg-width=\"956\" tg-height=\"635\" width=\"100%\" height=\"auto\"/></p><p>The market took that message to heart. Six weeks ago, interest-rate futures were pricing in a peak federal-funds rate target range of 3.75% to 4% in early 2023. Today, that peak is implied at 3.25 to 3.5% in December, just a point above the current target. Furthermore, futures pricing now implies two quarter-point rate cuts from February to July 2023. In other words, the market is betting the Fed will slow down the pace of its rate increases by the end of this year, then rapidly switch to easing policy.</p><p>Powell’s comments about the neutral rate also drew the ire of some well-known economists and investors. Former Treasury Secretary Larry Summers called Powell’s comment on the neutral rate “indefensible,” while Pershing Square’s Bill Ackman unleashed a late-night tweetstorm on the subject. “While 2.25 to 2.25% may be a neutral rate with 2% inflation, it is an extremely accommodative rate with inflation at 9%,” he wrote late on Thursday night, while isolating with Covid-19.</p><p>The implied rate path also seems highly unlikely—and almost certainly not good for the stock market. For it to develop, the Fed would have to either declare victory in its fight against rising prices—does anyone expect inflation to magically collapse to 2% by year end?—or give up the battle altogether to rescue an economy that is rapidly sinking into recession. So, while the pace of tightening may be moderating and inflation may have peaked—famous last words, we know—it’s far from a green light for investors.</p><p>Given a slowing economy, still-rising interest rates, and stock and bond indexes at or near short-term overbought levels, it might be time to sell the rally and rebalance into higher-quality or defensive areas.</p><p>“Credit spreads have continued to pull tighter…on a market narrative that a dovish pivot could be warranted,” wrote Goldman Sachs’ chief credit strategist, Lotfi Karoui, on Thursday. “We disagree, given the likely forward path of inflation, and would continue to fade the rally, using it as an opportunity to cut risk and rotate further up in quality.”</p><p>It’s too early to declare a Fed pivot and an all-clear for bullish investors. This inflation surge isn’t likely to be tamed that easily.</p></body></html>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Stock Market Had a Great July. Why August Could Be Tougher</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Stock Market Had a Great July. Why August Could Be Tougher\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-07-30 10:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/stock-market-news-dow-nasdaq-sp500-51659132219?mod=hp_LEAD_2><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Stocks rallied this past week as investors bet that the Federal Reserve has reached peak hawkishness. That’s wishful thinking.The Dow Jones Industrial Averagerose 3%, the S&P 500index added 4.3%, and ...</p>\n\n<a href=\"https://www.barrons.com/articles/stock-market-news-dow-nasdaq-sp500-51659132219?mod=hp_LEAD_2\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.barrons.com/articles/stock-market-news-dow-nasdaq-sp500-51659132219?mod=hp_LEAD_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2255591959","content_text":"Stocks rallied this past week as investors bet that the Federal Reserve has reached peak hawkishness. That’s wishful thinking.The Dow Jones Industrial Averagerose 3%, the S&P 500index added 4.3%, and the Nasdaq Composite surged 4.7%. All three had their best months since 2020. Even the premium paid for high-yield bonds over Treasuries narrowed considerably.Yet it was a strange week for celebration. The U.S. economy saw back-to-back quarters of declining real gross domestic product in the first half of 2022, the Fed’s favored measure of inflation remained stubbornly high, and the central bank raised interest rates by another three-quarters of a point, making this one of the fastest hiking cycles of the past 40 years.What did change are expectations for future rate hikes, hinging largely on two sentences from Fed Chairman Jerome Powell’s news conference.“While another unusually large increase could be appropriate at our next meeting, that is a decision that will depend on the data we get between now and then,” he said. “As the stance of monetary policy tightens further, it likely will become appropriate to slow the pace of increases.” Powell even said that interest rates, now at a range of 2.25% to 2.5%, are likely at “neutral,” meaning they are neither accommodative nor restrictive.The market took that message to heart. Six weeks ago, interest-rate futures were pricing in a peak federal-funds rate target range of 3.75% to 4% in early 2023. Today, that peak is implied at 3.25 to 3.5% in December, just a point above the current target. Furthermore, futures pricing now implies two quarter-point rate cuts from February to July 2023. In other words, the market is betting the Fed will slow down the pace of its rate increases by the end of this year, then rapidly switch to easing policy.Powell’s comments about the neutral rate also drew the ire of some well-known economists and investors. Former Treasury Secretary Larry Summers called Powell’s comment on the neutral rate “indefensible,” while Pershing Square’s Bill Ackman unleashed a late-night tweetstorm on the subject. “While 2.25 to 2.25% may be a neutral rate with 2% inflation, it is an extremely accommodative rate with inflation at 9%,” he wrote late on Thursday night, while isolating with Covid-19.The implied rate path also seems highly unlikely—and almost certainly not good for the stock market. For it to develop, the Fed would have to either declare victory in its fight against rising prices—does anyone expect inflation to magically collapse to 2% by year end?—or give up the battle altogether to rescue an economy that is rapidly sinking into recession. So, while the pace of tightening may be moderating and inflation may have peaked—famous last words, we know—it’s far from a green light for investors.Given a slowing economy, still-rising interest rates, and stock and bond indexes at or near short-term overbought levels, it might be time to sell the rally and rebalance into higher-quality or defensive areas.“Credit spreads have continued to pull tighter…on a market narrative that a dovish pivot could be warranted,” wrote Goldman Sachs’ chief credit strategist, Lotfi Karoui, on Thursday. “We disagree, given the likely forward path of inflation, and would continue to fade the rally, using it as an opportunity to cut risk and rotate further up in quality.”It’s too early to declare a Fed pivot and an all-clear for bullish investors. This inflation surge isn’t likely to be tamed that easily.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":1064,"commentSize":97,"repostSize":0,"favoriteSize":5,"likeStatus":false,"favoriteStatus":false}}