S&P 500 Dives – Another Hawkish Win

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More of Powell testimony and job openings to reveal no immediate recession, and together with Friday‘s non-farm payrolls spurring (reconfirming) the newly elevated terminal Fed funds rate. Q4 2022 hedge fund letters, conferences and more This translated into a fine risk-off turn yesterday with financials confirming and tech joining in the decline. There wasn‘t even a dead cat bounce in the aftermarket, and the premarket struggles go on. Summing up, dead cat bounce is unlikely to prove as anything more than a failed attempt to reassume initiative even if by some miracle Powell wouldn‘t sound as…

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