A Fed Pivot Is Not Happening In 2023
Traders are starting to bet on 6% rates by September and "the bond market is telling you that inflation isn’t transitory."
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, February 15, 2023, trading day:
The post has been lightly edited for punctuation and grammar.
The Consumer Price Index is both hot and cool, which makes it interesting. The YOY read was hotter than the expectation (6.4% vs. 6.2%) but cooler than last month (6.5%), while the MOM number was on target, which was hotter than last month (0.5%).