6% Rates Incoming? Gundlach Spars With Dimon 24 Hours Before Crucial CPI Print
Two of the biggest names on Wall Street are at odds with one another over where the Federal Reserve is going to head from here.
Friend of Fringe Finance and well known financial news contributor - as well as 38 year veteran of markets - Kenny Polcari has been kind enough to share his most recent thoughts on the market with our readers.
For those who aren’t familiar with Kenny or don’t recognize him from TV, he is Managing Partner of Kace Capital Advisors and Chief Market Strategist at SlateStone Wealth. He started his career on the floor of the New York Stock Exchange (NYSE) as an institutional broker back in the early eighties when the march of electronic trading was already taking its first steps, and the great bull was first learning to run.
Here’s his take on markets heading into the Wednesday January 11, 2023, trading day:
The post has been lightly edited for punctuation and grammar.
Stocks rallied kind of hard, but not really hard yesterday. The Dow added 189 pts or 0.6%, the S&P gained 28 or 0.7%, the Nasdaq advanced by 106 pts or 1%, the Russell added 27 pts or 1.5% while the Transports tacked on 37 pts or 0.3%.
And it’s the “Fed will cave” story all over again. Bloomberg summed up the day best with the headline: “Stocks Bounce Back with Brewing Optimism Over CPI”. Meanwhile, two of the biggest names on Wall Street are at odds with one another over where the Federal Reserve is going to head from here.