more than expected and wage inflation cooled, cementing optimism for an end to Fed interest-rate increases that persisted into the new week.Investors will be listening out for confirmation when several Fed officials step up to speak this week, including two appearances by Chair Jerome Powell. Regional Fed presidents John Williams and Raphael Bostic are among those on the docket.
Some on Wall Street have cautioned that the optimism could be overdone, and to brace for volatility in stocks. Morgan Stanley strategistlast week's stock comeback "looks more like a bear market rally rather than the start of a sustained upswing".after top exporters Saudi Arabia and Russia confirmed at the weekend that they will continue with their voluntary additional production cuts.
What’s the most important price in the global economy? The price of oil? The price of semiconductors? The price of a Big Mac? More important than any of these is the price of money. For more than three decades it was falling. Now it’s going up. Ask most people how the price of money is set, and they’ll say central banks. True, when it comes to direct control of US interest rates, the Federal Reserve calls the shots. But there’s a deeper logic at work.
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