P 500’s industry sectors higher after Fed policymaker James Bullard sought to assure Americans that the economy was resilient and data pointed to an easing of consumers’ inflation worries.In New York: BHP +2.6% Rio +2.7% Atlassian +5%Fedex +7.3% Meta +5.8% JPMorgan +2.7% Citigroup +3.3%
“Next week’s rebalance is important since equity markets were down significantly over the past month, quarter and six-month time periods , and it is happening in a period of low liquidity. To be sure, the Goldman economist says the risk of a recession has gone up. “If we do have a recession, it’s likely that it would be on the shallower end. Private-sector balance sheets are in better shape than at the end of previous business cycles.”
The survey’s one-year inflation expectation was unchanged from May at 5.3 per cent, but ticked down from a preliminary June reading of 5.4 per cent. The five-year inflation outlook edged up to 3.1 per cent from 3.0 per cent in May, but was down from 3.3 per cent earlier in June. The benchmark, which until Thursday was down on the week, posted weekly gains of 2.4 per cent thanks to Friday’s surge, breaking a three-week losing streak.