Market Musings 8/14/2024
Quick thoughts on the markets and major portfolio news. Not on Ursa yet? Download Ursa from the App Store!
Markets are breathing a sigh of relief and rallied with no inflation scare this month
So the July inflation data is in… and it’s looking good!
The PPI, which measures wholesale price inflation, was only slightly up +0.1% M/M while the core metric, which excludes energy and food, was flat. Both were below expectations and bolsters the case for September #RateCuts.
Then today, the CPI, which measures consumer inflation, was up +0.2% since June with the core reading similar. Investors might of hoped for another beat, but it’s in-line with expectations and still supports September cuts.
So markets spiked yesterday and was little mixed today but held on－up +2% over the last two days.
However, the next big test is tomorrow. We’ll get a bunch of new macro data including jobless claims, manufacturing numbers and retail sales.
Can the relief rally continue?
Tomorrow’s macro data will likely determine that…
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Original image by Pixabay.