Wall Street is fractionally in the red. There aren’t any fresh catalysts, or perhaps there are too many factors, to provide clear, strong direction. Central banks are in view with the FOMC and many other meetings on tap. The Fed is expected to maintain an unchanged stance but there is risk for a QE announcement. Speculation over a tightening from the ECB and BoE are leaving the markets jittery. Covid infections remain problematic along with various restrictions, as well as supply constraints that are slowing growth. In the U.S. the fiscal cliff looms with the debt limit, while Congress negotiates more massive spending bills and tax hikes. China’s Evergrande is in the news with worries over a “Lehman moment,” while the regulatory crackdown in general adds to global worries.
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Andria Pichidi
Market Analyst
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