Markets may be trending away from the “bad is good” theme and heading towards “bad is bad” or at least “bad is not good but also not bad”. During this time of rising rates, bad economic data was previously looked at as positive for the markets because it would lead to the Fed pausing rate hikes and possibly pivoting to rate cuts. Today’s reaction by the US markets to the ISM Services data suggests that the previous theme no longer holds water. After posting the largest advance since 2020 in Jan…
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