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MAG7 Earnings & Valuation Momentum
This week will see Kevin Warsh's 1st Jackson Hole meeting as Chairman of the Fed and expect little drama. No change in rates is the most likely outcome despite investors goading the Fed via the 10 year UST market to raise rates. The 10 year is already at 4.74% and set to move higher setting a bearish outlook near term for risk assets.
Median Brent Crude spot came from $107 per barrel in May down to $85 in June and has spiked back up again to between $90-95 per barrel in August. With no signs of tensions easing in the Middle East, the core inflation measure is likely to remain elevated at 3.5%…
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