Weaker Services data pushes equities higher and bond yields lower
Thursday 4th July 2024
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The S&P hit new highs as bond yields fell overnight. Markets clearly thought the latest ISM Services number, which came in surprisingly weak, is just the sort of slowdown indicator that will encourage the Fed to act sooner rather than later. JBWere\u2019s Sally Auld talks through the numbers, the market reaction, and the diverse attitudes of Fed members displayed in the latest FOMC minutes. There\u2019s also discussion on yesterday\u2019s Australia retail sales, that came in a little stronger than the RBA might like, but it\u2019s just one month and there are a lot of seasonal factors at play. Prepare for a quiet day today, with the US on holiday. But keep an eye out for the Bidden story. Could pressure be mounting for him to step out of the race, for someone younger who is able to finish sentences.
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