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The excellent Michael Hartnett at BofA.
Heard on the Street: “So market dependent on Fed. And Fed dependent on data. And data dependent on economy that market & Fed have found impossible to forecast.”
Tale of the Tape: blockbuster Jan payroll; market cut expectations of Fed cuts H2’23 to end-24 from 200bps to 165bps (Chart 3); financial conditions (catalyst for 4-month rally) now tightening again; long duration assets rolling over (biotech -7% past week).
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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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