The View from 5th Avenue – 19 January 2023
Posted onGotta love this market, which by all accounts seems to be suffering from a severe case of indecision. Major US indices performed a quick about face early afternoon, paring the morning’s losses for no apparent reason. Then sold off again into the close for the same no apparent reason. Brainard took The Fed microphone midday, but he never veered off the script. He acknowledged inflation still remains high and The Fed needs to remain sufficiently restrictive. Nothing to see here. Commodities outperformed — Crude was up over 1.5% at one point, while bonds erased some of yesterday’s gains.