S&P 500 – Tail Risks Emerging

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S&P 500 continued higher Friday as consumer confidence data didn‘t disappoint – adding to soft landing hopes. Soft landing would though only happen should the unemployment claims don‘t rise too much – on the flip side, that would mean that service inflation would remain high, which is exactly what we have seen so far. It‘s a double edged sword, this tight job market – and it will remain tight. Just have a look at unemployment ratio to job openings – it‘s not really declining, and the Fed wants to see it decline, just like latest job creation is more than double the Fed‘s preferred less that 10…

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