Beneath the Surface - The S&P Other 493

The balance of risk has changed. That opinion was evident from Fed Chair Powell Friday. In his widely anticipated and widely followed speech he green lighted rate cuts. He indicated increased comfort around taming inflation and believes now the bigger risk is rising unemployment. He appears confident that the risk of recession is going down because the Fed is going to cut interest rates. Some might say the Fed Chair took a victory lap today, celebrating a soft-landing. The Stock Market might agree with that, but looking closer at the internals suggests otherwise. The Bond Market is still very concerned about a recession ahead, as are we...