Jack Janasiewicz offers his tactical take on the capital markets in this podcast recorded on June 8, 2022.
- The S&P 500® Index eked out a tiny gain in May, after a mid-month drawdown of more than 9%, and the benchmark 10-year Treasury yield also rallied.
- Several catalysts contributed to this U-turn, including a shift in the inflation narrative and market expectations for the number of Federal Reserve rate hikes.
- US consumer spending is still the primary driver of the US economy, but now the focus is on services rather than goods as pandemic restrictions lift.
- Retail overstaffing and excess inventory could potentially have a deflationary effect – and the odds of a recession appear to be slipping – but investors have yet to regain their appetite for risk.
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