Tech stocks tumble, PMIs weak, Dudley warns recession
Thursday 25th July 2024NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABBill Dudey, former NY Fed Governor, now Bloomberg pundit, has said the FOMC needs to cut rates next week and it might already be too late to avoid a recession. NAB’s Ken Crompton says this comes from a man who had advocated staying higher for longer. His opinion certainly impacted 2 year bond yields overnight But the bigger news is the large falls in US equities, led by tech stocks, with the cost of AI and the slow delivery on promises taking the blame. PMIs came in weaker than…
The skinny
The skinny isn't ready yet — notes appear once the transcript is processed.