Micro (Corporate Earnings) over Macro (US Rates selloff acceleration) has been the story of the week...
with S&P futures through Friday morning looking set to post their best 1w return in a month, particularly after crowded MegaCap Tech heavyweights MSFT and GOOGL beat already heightened expectations, thanks to AI fueling Cloud demand and keeping that bullish growth story intact…and overriding the negative interest rate implications of Fed “easing” prospects now being further delayed, with the first cut priced for the Dec 2024 meeting, due to “still too hot” US data without having yet put-away the spectre of inflation.
