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Fight the tape, or the Fed?

Friday, February 24, 2023 18:43

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In addition to the hot January PCE print, the other surprise of last week was the upbeat flash PMI from S&P Global Market Intelligence (formerly IHS Markit) showing upside surprises from the G4 industrialized countries. Increasingly, the market narrative is shifting from a growth slowdown to no recession and continued growth. The markets are behaving the same way, as they turn to discounting a growth revival, led by a successful China reopening.

At the same time, last week’s release of the February FOMC minutes warned, “Participants observed that a restrictive policy stance would need to be maintained until the incoming data provided confidence that inflation was on a sustained downward path to 2%, which was likely to take some time.”

What should you do? Fight the tape, or fight the Fed?

The full post can be found here.

Source: http://humblestudentofthemarkets.blogspot.com/2023/02/fight-tape-or-fed.html

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