To The Moon

Fed minutes from the prior month indicated that the Fed would continue interest rates hikes until inflation comes down substantially. While there was no guidance, market is expecting a 50bps increase in the upcoming September FOMC meeting. Moreover, advanced estimates for US retail and food sales for July were almost flat sequentially. This resulted in overnight correction of major US indices with $S&P 500(.SPX)$ down -0.7% and $NASDAQ(.IXIC)$ falling -1.3%.United Kingdom’s inflation saw a surge with CPI up 10.1% in July to a 40 year high with food prices and energy prices a key contributor to the rising prices. Europe has been the epicenter of an energy crisis given the ongoing geopolitical tens

The major U.S. stock indexes each posted returns exceeding 3% as investors welcomed indications of a modest easing in inflation. For the $S&P 500(.SPX)$ and the $NASDAQ(.IXIC)$ , it was the fourth positive result in a rowꟷthe longest string of weekly gains since November 2021.As of last Friday,$DJIA(.DJI)$ YTD is -6%, $NASDAQ(.IXIC)$ YTD is -16.2%,$S&P 500(.SPX)$ YTD is -9.3%. $S&P/AS