Inflation fell in June, according to the latest Consumer Price Index (CPI) print, as prices declined by 0.1% in the month where estimates originally called for a 0.1% increase. This could be a glimmer of sunshine for the US economy and the chances of an interest rate cut, but how are equity markets (^DJI, ^IXIC, ^GSPC) feeling about the fresh data?
Paired together with other hopeful inflation reports, Academy Securities Head of Macro Strategy Peter Tchir finds the CPI print to be "a good sign for the coming months" and that "this puts the Fed [Federal Reserve] story intact."
Tchir tells The Morning Brief what he sees for future stock gains and the movements in the bond market (^TYX, ^TNX, ^FVX) in relation to if and when Fed officials enter into a rate cutting-cycle
"I still have more in the view that we'll get a slight downturn in equities even with the good Fed. And you'll get the catch-up, mostly because the momentum stocks will lead the way lower a little bit. It's not going to be a dramatic pullback. But that's how I see it right now. But I think it is time to start adding value-equal weighted indices to your portfolio."
#stockmarket #fed #september
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