Recovery And Taper Nerves Persist, Pressuring Equities, Boosting The Dollar

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Wall Street edged lower overnight as markets shuffled between concerns over the US recovery after a downbeat Fed and tapering nerves after the New York Fed President said tapering could occur sooner rather than later. William’s comments were further backed up by a monster 10.924 million release suggesting that employment isn’t the issue in the US; it’s getting Americans to take those jobs. That is, in some way, ameliorating the shocker of a print last Friday.

Stirring the pot more, US Treasury Secretary Yellen to Congressional leaders overnight warning that the US Government will run out of money in October unless Congress agrees to raise the debt ceiling. Given the polarized nature of US politics these days, you wouldn’t bet against a serious game of blink developing between the two sides, and we haven’t even got to President Biden’s 3.50 trillion packages yet.

So, we have a lot of uncertainty pulling markets in both directions with no clear…

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