All this time, throughout the earnings season for the last couple of quarters, we've been hearing that visibility continues to be very poor going forward. Now, for the first time, you have a CEO of a high-profile company saying at least that business conditions appear to have stabilized, and I think that was the trigger for the rally today.
More Quotes from Jeff Cheah:
If they were to cut rates, it might endorse the view that the Fed believes inflation is not a problem. And that can be a dangerous game.Jeff Cheah
What is clear is that Japan does not really want a strong yen. If the currency gets too strong it might stall the growth momentum we've seen coming out of Japan.
Jeff Cheah
There is a lot of concern about Cisco's earnings. Rather than risk major disappointment, people are saying it might be better to stay out of the market. And because it is a bellwether stock, Cisco will have an impact on other tech stocks.
Jeff Cheah
Interest rate sensitive stocks did well today as well as the oil and gas sector, but overall you can't really say that there's a lot of direction...given the absence of any market-moving news today. Also the liquidity wasn't there with the U.S. markets closed.
Jeff Cheah
Overall it does suggest that labor market conditions are very tight still and the Fed probably still has one more tightening to do, because recent rhetoric suggests monetary policy will get more and more data dependent.
Jeff Cheah
You have to believe the productivity trend is very real, but at one point will it begin to taper off That's a question financial markets and the Federal Reserve have been looking at very closely.
Jeff Cheah
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