Higher for longer will have to remain a term for the Fed as equities decided to fall back today. After closing above its 200-day moving average for two sessions, the S&P 500 fell back below, ultimately finishing with its worst one-day performance this (short) year. No doubt the Fed is a central theme for the investment outlook, but traders were reminded today that the aggressive rate hikes in 2022 are still in their infancy for economic impact. Data therefore remains the important part of the recession (will it or not happen) forecast and today’s calendar had plenty to offer.
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