Big Tech Wins Again - US inflation hit zero!
FOMC members also give their estimate for the long-term fed funds rate. That number dropped to 2.5% before the pandemic, implying belief in a distinctly lower inflation environment as the norm for the future.
The estimate is now back up to 2.8%, the highest since 2019, and chances are that it has further to move
Inflation is down, and so are the Fed’s forecasts for the number of rate cuts this year. The Magnificent Seven barely noticed.
The latest rally has brought the Magnificent Seven to a new record 32.3% of the S&P 500.
Perhaps there’s too much momentum.
John Authers Bloomberg 13 juni 2024
Hedging against a stock-market selloff has almost never been cheaper
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