Expect the US bull market to gains legs
Firstly consider- Trading and investing in US stocks is unprecedented. This has been supported by the advent of fractional shares and 24-hour trading. But backing it up, more Aussies chasing momentum and strong forward earnings growth in the US.
I see this pivot increasing this year given the RBA and Fed are two Ying and Yang trajectories. Note that the RBA is more likely to hikegiven CPI is picking up (present active tense - Yes, inflation is picking up in Australia and it's likely to continue (gas, oil, property prices, energy bill inflation). While the Fed's next move is probably a cut, this supports equity valuations in the US, while US companies profit.
Secondly consider, this week, we could see signs that the Fed might need to cut. The Fed cutting narrative will probably be supported by the release of US jobs data this week, which is expected to show jobs growth slowing and would encourage the Fed to cut rates (maybe in December as the futures are suggesting, with a ~77% probability of a cut). This could set the tone for next week's Fed testimony, and we could hear the Fed Chair possibly green light one interest rate cut this year.
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