IWM has surged 21.6% YTD, more than doubling SPY's 9% gain, as Warsh's inflation-peaked signal at Sintra removes the threat of a summer rate shock.
Unemployment has quietly drifted from 3.5% to 4.2% since early 2023, a slow grind Zervos warns gets ignored until it suddenly dominates every conversation.
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Kevin Warsh went to Sintra and said what bond traders have been waiting to hear all summer. Inflation looks like it has peaked. Oil is cooperating. The tail risk of a July or August rate shock, the one quietly haunting every duration-heavy portfolio in America, just got a lot less scary.
That was the read from David Zervos, Chief Market Strategist at Jefferies, on CNBC's Morning Call Sheet Thursday. He was recapping Warsh's remarks at the ECB conference in Sintra, where the Fed Chair delivered what amounts to a green light for the second-half rally thesis. Markets do not care what you meant.
Unemployment has quietly drifted from 3.5% to 4.2% since early 2023, a slow grind Zervos warns gets ignored until it suddenly dominates every conversation.
Don't wait: the ****** yst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now.
Kevin Warsh went to Sintra and said what bond traders have been waiting to hear all summer. Inflation looks like it has peaked. Oil is cooperating. The tail risk of a July or August rate shock, the one quietly haunting every duration-heavy portfolio in America, just got a lot less scary.
That was the read from David Zervos, Chief Market Strategist at Jefferies, on CNBC's Morning Call Sheet Thursday. He was recapping Warsh's remarks at the ECB conference in Sintra, where the Fed Chair delivered what amounts to a green light for the second-half rally thesis. Markets do not care what you meant.
3 months ago
