Mankind invented a system to cope with the fact that we are so intrinsically lousy at manipulating numbers. It's called the graph.
- Wednesday’s FOMC press conference fueled investors’ worries about increasingly tight U.S. monetary policy as Jay Powell refused to rule out the possibility of a rate hike at every meeting this year.
- The hawkish statement emphasized the economy’s strength alongside the increasing risk of overheating and initially triggered another decline of U.S. equities and cryptocurrencies.
- Gold, defensives, growth, quality and momentum continued to underperform this week as benchmark rates moved higher.
- After a small rebound last week, China become the worst performer this week.
- Investor focus next week will likely be on the labour market and the ECB press conference.