January made its mark today ---the first green Jan since 2019, as the S&P and Nasdaq rallied 1.5% and 1.7% respectively, positively punctuating the first month of ‘23. It was the Nasdaq’s best month since July and some say as January goes, so does the year. But that hasn’t been accurate in the recent past, so best to take that one with some electrolytes. Nevertheless, investors interpreted today’s easing labor cost data as supportive of inflation cooling, and therefore also supportive of the potential for easing in terms of hike magnitude and pace. And maybe even halting just short of a terminal 5%, despite what has been preached from the Fed pulpit prior.
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