Chart of the week – Sharp reversal in investor sentiment
The S&P 500 has had a blistering run in November so far, reversing the bulk of losses sustained after the index hit its year-to-date peak on 31 July. The Fed meeting on 1 November marked a turnaround in market sentiment as Fed Chair Powell’s sounded reluctant to tighten monetary policy any further. Last week’s lower-than-expected October CPI print solidified expectations that the Fed is done.
More from this week:
- New infrastructure development needed to hit climate targets
- Governments boxed in
- Could 2024 be the year of the yen?
- GDP scenario favours EM allocation