Does A Soft Landing Help The Market Bears?

After last week’s trading, I do not think too many are complaining about the “quiet summer months” as Barron’s recently commented the stock market was “extra erratic”. Given the economic and earnings reports the swings could have been even worse.

Neither the FOMC meeting nor the following press conference had any surprises as Fed Chair Powell successfully avoided giving any real hints about future policy. Tuesday’s two-year high in Consumer Confidence was consistent with the better-than-expected Durable Goods and GDP Report later in the week. The Michigan Consumer Sentiment was also the highest since 2021.