What's driven stocks in the first seven months The "soft landing" is built on three concepts: lower inflation, slower but still strong job growth, and a stabilization in rates. Lower inflation . Headline PCE , the Fed's preferred inflation measure , has gone on a 12-month basis from 7% in June of last year to 3% in July; core PCE has gone from 5.4% in February 2022 to 4.1% in July. Job strengt h.
"I think the easy money has been made, and the pace of gains will be more modest for the rest of the year," Alec Young at Tactical Alpha told me. "This is like having a big lead at the end of the third quarter," Young said. "You don't want to give up the lead.
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