It's "Very Clear" The Fed Is Not Pivoting Or Pausing Anytime Soon
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.
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 5, 2023, trading day:
The post has been lightly edited for punctuation and grammar.
First, macro data. Mortgage applications plunged by 10.3%, ISM Manufacturing came in at 48.4 yesterday - contractionary territory, JOLTS Jobs Numbers came in at 10.458 million – more than expected, which suggests that demand for labor remains strong (something the Fed does NOT want to see) and US Auto Sales are the worst since 2011.