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- Much like we’ve been seeing lately, a week of higher-than-expected jobless claims was followed by a much lower reading the following week. Unemployment next week will shed light on whether the Fed will be moving more dovish or hawkish should the data deviate from expectations.
- Once again strong earnings batted away selling pressure which, this time, came in the form of fears over China’s DeepSeek AI. It does practically the same thing as ChatGPT as far as I could tell when I played with it. I expect DeepSeek will have a positive disinflationary impact on the US economy as competition increases stateside.
- Both the BOC and the ECB cut rates this past week. That adds to global liquidity but keeps the dollar strong. Further evidence of Trump policy implications will shed light on where the dollar goes next.
- Powell was neither hawkish nor dovish in the FOMC conference on Wednesday. He did say some things that were, to me, a plus for crypto but as for equities it was a nothing burger.
