Outlier.
Last week’s narrative was dominated by Nvidia’s earnings, which ended up being a splendid story. Markets in general, however, were flattish for the week, as investors seemed to lurch from one side of the canoe to the other, suddenly concerned again that interest rate cuts could be further away and less frequent than previously thought.
The most popular futures market-driven scenario now sees no interest rate cut until December, so only one reduction this year. For context, at the beginning of last week, expectations were around 80% for a first cut in September and two reductions for the year…
The skinny
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