AFMC - The Market's Most Important Event Last Week Wasn't Nvidia's Results
2024-02-25 07:01:00 ET
Summary
- Chris Waller's speech suggests that the Fed can be patient in cutting rates as the US economy shows no signs of a recession.
- Key data points to watch include the PCE report, ISM manufacturing report, and inflation data in February, March, and April.
- Rising inflation expectations driven by gasoline and shipping rates may lead to fewer rate cuts in 2024 and a need for tighter policy.
The most important event during the past week probably wasn't Nvidia (NVDA) and its earnings report. Yes, the stock did jump following better-than-expected results and guidance, helping to boost the Nasdaq 100 by roughly 3% and erasing the losses of the prior week. While the result captured the headline for the day, the magnitude of the jump may not have been all that surprising based on the options market positioning and the implied move....
The Market's Most Important Event Last Week Wasn't Nvidia's Results