Today we check in with Fidelity Director of Global Macro Jurrien Timmer for his weekly discussion on macro themes moving the markets and what trends and topics he has on his radar. This week, Jurrien touches on bullish signals and implications on the market, the impact of liquidity on inflation and rate cut expectations. Jurrien says three weeks ago, markets were retracing the gains they made and then on a dime, things changed. He points out the catalyst of these changes can be really technical – meaning things not seen by most people. Jurrien says what we experienced has been a long correcting period. The odds are now on the side of the market resuming whatever the prevailing trend is, which is higher for the stock market. Jurrien says soft payroll numbers along with a good CPI report has given the overall sense that the Fed is done with rate hikes. He adds the fact that liquidity is improving at the time when the Fed is tightening helps explain why the internal dynamic of the market is starting to improve.

Recorded on November 20, 2023.

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