Whether or not the US Federal Reserve is operating completely independently of the White House remains to be seen but for now, writes Guy Stephens, the market seems to be buying it.
The summer season is well and truly underway. Invariably, during this period, investors can become distracted - hence the popular adage to sell in May and go away until the autumn. If you had followed this advice in 2019, however, you would now be counting the cost. The catalyst for strength in bond and equity markets has been a significant change in the stance of global central banks. This started in June with the US Federal Reserve, which was prompted by a slowdown in global economic growth and forward-looking indicators that suggest there is some weakness ahead. Whether or not the Fed...
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