There have been many curve balls for the stock market this year and that has been the case for the past two weeks. The October job report caught the market by surprise. The prevailing wisdom was that a much lower job number was needed to turn stocks higher. The fact that stocks moved higher despite the much stronger jobs report surprised most analysts..
The “higher for longer” outlook for rates did not stop stocks from moving higher early last week but the higher-than-expected Producer Price Index on Wednesday got the bond market’s attention. Even though the CPI on Thursday was only a bit higher than expected yields were sharply higher.
Support authors and subscribe to content
This is premium stuff. Subscribe to read the entire article.
Login if you have purchased