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.
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
That kind of news will spook the market and we will hear more of it because we're at the peak earnings reporting season.
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
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.
Jeff Cheah
Stabilizing ... that is the key word that investors are reacting to.
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
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