The View from 5th Avenue – 3 May 2022
Posted onToday’s choppy trading wasn’t the typical pre-FOMC “wait and see” action, but relative to the stomach churning swings of late the S&P’s 1.3% intraday range almost (again, that’s almost ) felt like a bit of a reprieve. Of course US indices’ gains appear embarrassingly modest in light of the recent damage that’s been done, but after a late pullback from the abyss yesterday, the back-to-back positive sessions at least suggest that investors have gotten a little more comfortable in their positioning ahead of Powell’s presser.