Beware the Bear Market Rally – Economic update, Sept 2022

In mid-June equity markets found a reason to rally. Softer than expected CPI and falling oil prices took some of the heat out of the inflation reading. Such rallies, while welcome, should be met with caution. Inflation remains high, employment remains strong, spending remains strong, corporate and consumer sentiment has remained strong. Higher interest rates will be required to turn the tide of economic data. Beware the bear market rally.

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