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Goldman has few honest souls.
The past few sessions have brought a welcomed reprieve from the bear market of 2022. That said, if one takes a step back to assess the broader macro and micro dynamics, most everywhere you look, the pressure continues to build.
For example, within a deluge of global central bank actions last week, the Bank of Canada hiked rates by 100 bps, marking the first G-10 economy to move in that clip size during this cycle (and, at one point late last week, the market priced that the Fed would follow suit; more on that below).
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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