The View from 5th Avenue

The View from 5th Avenue – 7 August 2024

The battle between macro and micro lived on today as investors digested a slew of underwhelming earnings against a backdrop of volatility implosion, carry trade pain, an election, and Middle East tensions. The one saving macro grace was communication from the BoJ reassuring investors there would be no further tightening. But the calm did not last. Investors saw the writing on the wall of a cooling economy via the earnings disappointments and CEO commentary. Further, US treasuries slipped past t…

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