Morning Macro 22nd September
S&P500 and Nasdaq make yet more all-time highs with gold following closely behind, made more interesting as both the dollar and the US 2-year yield have both rallied for 4 days since the Fed meeting.
Not the 2-year US yield bounced from key 3.44% support (Chart 1, TradingView)
While Goldman’s Total Positioning Indicator is still slightly underweight US equities. (Chart 2, Goldman Sachs Global Investment Research)
While Morgan Stanley highlights how aggressively retail have been buying equities this year (Chart 4 & 4, MS QDS)
*A GOVERNMENT SHUTDOWN LOOMS AS THE SENATE REJECTS THE LATEST SPENDING BILL
Key data this week –
Monday – FOMC Miran speech!
Tuesday – GLOBAL services & mfg. PMIs, FEDs Powell speech
Wednesday – US new home sales, German IFO
Thursday – Weekly jobless claims
Friday – Core PCE inflation data
