No. of Recommendations: 12
No one has mentioned the economic and stock market news today so here we go...
1. The DOW jumped 500 points today and closed above 37,000 for the first time in history. The NASDAQ and S&P 500 closed at 52-week highs and are within spitting distance of all-time highs. The S&P 500 is poised to have its 7th consecutive green week, its longest winning streak since October 2017
2. PPI core painted the lowest increase since January 2021. Core CPI is on its way to 2% by 2025. Gasoline is under $3/gallon in half of the states. Rents posted their biggest decline in over three years.
3. The Fed left rates unchanged but went dovish. Expect rate cuts early next year, likely front loaded since it's an election year, taking interest rates down by 25bp at every meeting from March onwards, for a cumulative decline of 175bp.
If any of this had happened during the Trump years, he would have been on every Fox 'News' show all night long and the hosts would have been calling him a savior and a genius.
