View from 5th Avenue

The View at Two – 7th April, 2021

Taking in the View -  Life moves pretty fast. If you don't stop and look around once in a while, you could miss it. Amen Ferris – it seems the market is doing just that, what with the breathtaking views at these elevated levels. It’s a funny business we’re in; the moment something doesn’t follow a familiar track, the cynics in us come out. Why are volumes so low? Why didn’t yields jump after the strong economic data we saw bookending the weekend? (They’ve already moved substantially). Instead the market seems to be in (re)assess mode. The “headlines” of the day haven’t exactly lent themselves to a broader move higher, with talk of increases in the corporate tax rate and Dallas Fed President saying inflation could rise “well in excess” of 2.5% (before settling back). Tech is helping set the pace generally, while L Brands gives retail a lift after receiving a broker upgrade. One of the poster children for the market was Carnival of course and what better to symbolize the hope everyone is feeling in regards to reopeninig. The narrative they put out this morning was very strong on booking trends, adding to the positive theme for the leisure and hospitality space.

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