The New York Stock Exchange in New York, US, on Wednesday, July 31, 2024. --
“Even if that nerve-racking event is over, we learned how sensitive markets now are to cooler U.S. economic data, how broad-reaching the impact of the yen carry trade can be, and how conditioned investors are to expect rate cuts as the salve for every scrape,” said Liz Young Thomas at SoFi. “Technical levels that would flip Wall Street’s narrative from soft to hard landing have not been broken,” Hartnett said. “Investor feedback is ‘frazzled’,” but expectations of U.S. Federal Reserve rate cuts mean that preference for stocks over bonds hasn’t been ended by the market rout, he added.
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