Joel Elconin – A Shift Has Happened For Markets; Earnings Beats Being Sold, Weaker Economic Data and Nvidia Earnings Reaction
Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show and Editor of the PreMarket Prep website joins us to recap a volitle week for markets. Starting with Nvidia earnings, which were very strong, and the market reaction initially positive but down today. It ties into the broader market reaction to earnings season this quarter of selling earnings beats. We also discuss Powell’s Jackson Hole speech, telling us nothing new but confirming the Fed could go either way at upcoming meetings.
“We are navigating by the stars under cloudy skies”
Peter Boockvar – The Boock Report – August 25, 2023
“I think the Powell speech was uneventful in the sense of telling us something new. He’s remaining noncommittal and flexible with what comes next, highlighted that they could hike again but not necessarily. He also talked about the tough part of their job now.”
Leaving open the possibility of another rate increase, “We are prepared to raise rates further if appropriate.” But on the other hand, “Given how far we have come, at upcoming meetings we are in a position to proceed carefully as we assess the incoming data and the evolving outlook and risks.”
And even if they don’t hike again, they “intend to hold policy at a restrictive level until we are confident that inflation is moving sustainably down toward our objective.” I think the important word here is ‘sustainably.’ As I’ve said before, there is one thing to see disinflation but there is a completely other thing to have inflation stay down.
https://peterboockvar.substack.com/p/we-are-navigating-by-the-stars-under
Hi Ex, the new buzz word is ‘sustainably’ as you have pointed out. Transitory is out the physicians has spoken the smooth word, but words will no longer heal the patient, only radical surgery will suffice. DT
Powell should be jawboning about government spending & reducing our national debt.
Convert JPM Building into Federal Prison for convenience, then disband the Fed and current Treasury Dept.
Then fix things.
We Learned a Few Important Things From Powell – If He Was Trying To Jawbone The Market, Then He Said The Bare Minimum To Jawbone The Market
Peter Tchir – Real Money – Aug 25, 2023
https://realmoney.thestreet.com/investing/we-learned-a-few-important-things-from-powell-16131846