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NEWS AND EVENTS

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Tepid Tech

Markets were relatively quiet this week, as largely positive economic news flow did little to move asset prices in one direction or the other. Equities advanced slightly on a New York Times report claiming that US President Biden will seek $6 trillion in US spending in the next fiscal year; the White House will unveil its full proposal later today.

Meetings about meetings

The US dollar continued to fall from its peak at the end of March. This falling dollar is part of the rising inflation trend that is unlikely to end any time soon. Minutes published by the US Federal Reserve stated that “an unspecified number of committee members” had mooted discussing scaling back the central bank’s monthly bond purchases in a future meeting

Price Panic

Confidence that has permeated markets for weeks appeared to lose momentum this week as nonfarm payrolls and inflation figures caused the charging bull to take a moment to catch its breath. Nonfarm payrolls (a measure of US employment) fell far short of expectations whilst inflation printed its highest month-on-month gain since 2008.

Death and Taxes

After weeks of strength, markets have taken a pause to contemplate this week as investors weigh Biden's proposal for higher taxes on the wealthy to fund his new social plan. With equity sentiment somewhat stretched, it doesn’t take much for markets to consolidate and the stall this week is perhaps overdue after weeks of relentless drives upwards.

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