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Two opposing forces appear to be dominating the market currently, with investors polarized between recession fears and bargain hunting following this year’s large equity selloff.
We have been cautious since June, but following the recent pullback in energy equities, we are fully invested again.
The Federal Reserve could lift its benchmark lending rate by as much as 1% later this month, interest rate futures indicated Wednesday, following a much faster-than-expected June inflation reading and surprise move from the Bank of Canada.
US consumer prices surged again in June, opening the door to another 0.75 percentage point rate lift - perhaps even a full point this month.
The US Dollar (via the DXY Index) has continued its meteoric climb.